SINGAPORE, Sept 24 (Reuters) –
- Japanese rubber futures rose on Tuesday, climbing for the first time in three sessions, supported by higher crude oil prices, although a stronger yen capped further gains.
- The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was up 3.3 yen, or 0.9%, at 370 yen ($2.58) per kg, as of 0215 GMT.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 rose 100 yuan, or 0.6%, to 17,600 yuan ($2,493.27) per metric ton.
- The most active October butadiene rubber contract on the SHFE SHBRv1 fell 30 yuan, or 0.2%, to 15,435 yuan per metric ton.
- Sino-U.S. relations took another step backwards, raising concerns over tyre demand outlook in top consumer China.
- The U.S. Commerce Department on Monday proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns.
- The Commerce Department said the rule would amount to a ban on all vehicles manufactured in China but excluding “specific authorisations”.
- Automobile sales could impact China’s automobile manufacturing, which involves using rubber-made tyres.
- The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK and block rubber RUB-STR20C-BKK were down 1.56% and 0.74%, to stand at 91.46 baht($2.77) and 67.23 baht($2.04), respectively.
- The yen edged higher to 143.45 per dollar JPY=EBS, but remained close to the centre of its September range of 147.20 to 139.58, a more than one-year peak reached on Sept. 16. USD/
- A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
- Oil prices rose on concerns the intensifying conflict in the Middle East may impact supply, and a tropical storm may hit output in the U.S., the world’s biggest crude producer, later this week. O/R
- Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for October delivery STFc1 last traded at 192.4 U.S. cents per kg, up 0.4%.
($1 = 143.5100 yen)
($1 = 7.0590 yuan)
Reporting by Haridas; Editing by Sherry Jacob-Phillips
Source:
Reuters
