SINGAPORE, Sept 30 (Reuters) –
-
Japanese rubber futures rose on Monday, hitting a 13-year high, buoyed by a weaker yen and higher oil prices.
-
The Osaka Exchange (OSE) rubber contract for Marchdelivery JRUc6, 0#2JRU: gained 9.5 yen, or 2.42%, to 401.5 yen($2.82) per kg as of 0155 GMT.
-
The contract reached an intraday high of 407.2 yen ($2.86), its highest since April 25, 2011.
-
The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 added 820 yuan, or 4.44%, to 19,270 yuan ($2,747.24) per metric ton.
-
Reviving China’s stock market and boosting investor confidence will aid the country’s economic recovery by breaking a vicious cycle that has curbed investment and consumption, the official China Securities Journal said in an editorial.
-
The most active Novemberbutadiene rubber contract on the SHFE SHBRv1 rose 195 yuan, or 1.24%, to 15,945 yuan($2,273.21) per metric ton.
-
The yen JPY=EBS slipped about 0.4% to 142.75 per U.S. dollar after jumping 1.8% on Friday, when Shigeru Ishiba won the leadership of the ruling Liberal Democratic Party.USD/
-
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
-
Oil prices edged higher on increasing concerns of potential supply disruptions in the Middle East producing region after Israel stepped up attacks on Iran-backed forces. O/R
-
Natural rubber often takes direction from oil prices as it competes for a market share with synthetic rubber, which is made from crude oil.
-
Top rubber producer Thailand’s meteorological agency warned of heavy to very heavy rains that may cause flash flood from Sept. 29 – Oct. 5.
-
The front-month rubber contract on Singapore Exchange’s SICOM platform for Octoberdelivery STFc1 last traded at 206.8 U.S. cents per kg, up 4%.
($1 = 142.3800 yen)
($1 = 7.0143 yuan)
Reporting by Haridas; Editing by Sumana Nandy
