SINGAPORE, Sept 27 (Reuters) –
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Japanese rubber futures rose on Friday as a weaker yen and China’s fresh slew of economic policies boosted sentiments.
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The Osaka Exchange (OSE) rubber contract for Marchdelivery JRUc6, 0#2JRU: was up 1.6 yen, or 0.41%, at 392.6 yen($2.70) per kg as of 0155 GMT.
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The contract has gained 6.11% so far this week.
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The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 fell 10 yuan, or 0.05%, to 18,470 yuan($2,632.52) per metric ton.
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The yen JPY=EBS weakened to hit a more-than-three-week low of 145.52 per U.S. dollar in early trade, as Japan geared up for one of the most unpredictable leadership contests in decades. USD/
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A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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The most active Novemberbutadiene rubber contract on the SHFE SHBRv1 fell 210 yuan, or 1.32%, to 15,700 yuan($2,237.71) per metric ton.
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Top rubber consumer China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of its new fiscal stimulus.
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Top rubber producer Thailand’s meteorological agency warned of heavy to very heavy rains that may cause flash floods from Sept. 26- Oct. 2.
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Oil prices fell for a third day on Friday, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters. 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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The front-month rubber contract on the Singapore Exchange’s SICOM platform for Octoberdelivery STFc1 last traded at 201.5 U.S. cents per kg, down 0.6%.
($1 = 145.2200 yen)
($1 = 7.0161 yuan)
($1 = 32.4400 baht)
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Reporting by Haridas; Editing by Sumana Nandy
