SINGAPORE, Sept 27 (Reuters) –
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Japanese rubber futures closed higher on Friday, helped by aweakening yen and positive sentiment after the China’sChinese economic stimulus.
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The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: closed up 1 yen, or 0.26%, at 392 yen per kg.
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The contract gained 6.9% for the week.
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The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 closed up 75 yuan, or 0.41%, at 18,555 yuan per metric ton.
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China’s central bank lowered interest rates and injected liquidity into the banking system, attemptingto pull economic growth back towards this year’s roughly 5% target.
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That helped Chinese stocks raced toward their best week since 2008 and lifted Asian shares to 2-1/2-year highs. MKTS/GLOB
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The yen JPY=EBS fell more than 1% to 146.495, its lowest since Sept. 3, with markets bracing for the victory of hardline nationalist Sanae Takaichi, a vocal opponent of further rate hikes. 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 November butadiene rubber contract on the SHFE SHBRv1 closed down 210 yuan, or 1.32%, at 15,700 yuan per metric ton.
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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. 27 to Oct. 3.
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Oil prices recouped losses to edge higher as investors weighed up expectations of increased output from Libya and the broader OPEC+ group against China’s stimulus plan. 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 October delivery STFc1 last traded at 200.4 U.S. cents per kg, down 1.1%.
Reporting by Haridas; Editing by Sumana Nandy
