SINGAPORE, Sept 13 (Reuters) –
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Japanese rubber futures inched lower on Friday, as a firmer yen weighed on prices, although the contract was set for a weekly gain amid stronger synthetic rubber and oil prices.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was down 1.0 yen, or 0.2%, at 364.0 yen ($2.58) per kg, as of 0205 GMT.
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The contract has gained 4.06% so far this week.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 260 yuan, or 1.54%, to 17,100 yuan ($2,405.00) per metric ton.
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The dollar softened on Friday, as investors remained on tenterhooks ahead of next week’s central bank bonanza where the focus is on the Federal Reserve and the size of its expected interest rate cut. USD/
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The yen JPY=EBS was 0.3% higher at 141.38 per dollar, hovering close to an eight-month high touched on Wednesday.
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A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
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Japan’s Nikkei .N225 lost 0.7% under the weight of a stronger yen.
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The most active October butadiene rubber contract on the SHFE SHBRv1 rose 290 yuan, or 1.91%, to 15,500 yuan ($2,179.97) per metric ton.
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Oil prices rose, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico. O/R
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Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
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China’s President Xi Jinping on Thursday urged authorities to strive to achieve the country’s annual economic and social development goals, state media reported, amid expectations more steps are needed to bolster a flagging economic recovery.
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The front-month October rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 186.1 U.S. cents per kg, up 0.5%.
($1 = 141.2000 yen)
($1 = 7.1102 yuan)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips
