SINGAPORE, Oct 2 (Reuters) –
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Japanese rubber futures fell on Wednesday, but losses were capped by a weaker yen and stronger global oil prices.
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The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: was down 1.3 yen, or 0.32%, at 410.8 yen($2.85) per kg, as of 0215 GMT.
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The Shanghai Futures Exchange is closed from Oct. 1 to 7 for China’s National Day holiday. Trading will resume on Tuesday, Oct. 8.
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The yen JPY=EBS was broadly steady at 143.45 per dollar. USD/
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A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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Oil prices rose on Wednesday on fears that the conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. 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 commerce ministry said on Wednesday it has asked the World Trade Organization (WTO) to rule on Canada’s imposition of steep tariffs on Chinese electric vehicles as well as steel and aluminum products.
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Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
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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($2.81)and 67.23 baht($2.07), respectively.
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Top rubber producer Thailand’s meteorological agency warned of heavy to very heavy rains that may cause flash floods from Oct. 1-7.
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The front-month rubber contract on Singapore Exchange’s SICOM platform for November delivery STFc1 last traded at 212.4 U.S. cents per kg, down 0.3%.
($1 = 32.5100 baht)
($1 = 143.9000 yen)
Reporting by Haridas
