SINGAPORE, Oct 2 (Reuters) –
- Japanese rubber futures rose on Wednesday, supported by a weaker yen and stronger oil prices.
- The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: closed up 0.8 yen, or 0.19%, at 412.9 yen($2.87) per kg.
- The yen JPY=EBS traded 0.14% weaker at 143.78 yen per dollar. USD/
- A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- Oil prices jumped by over a dollar on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, after Iran’s biggest-ever military blow against Israel.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 Shanghai Futures Exchange is closed from Oct. 1-7 for China’s National Day holiday. Trading will resume on Tuesday, Oct. 8.
- China hasn’t retaliated against U.S. tariff hikes on Chinese imports, including electric vehicles (EVs),partly because of continued dialogue between the world’s two largest economies, U.S. Treasury’s top economic diplomat said.
- China’s commerce ministry said it has asked the World Trade Organization (WTO) to rule on Canada’s steep tariffs on Chinese EVs and steeland aluminiumproducts.
- Automobile sales could influence the intensity of 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 bah ($2.81) and 67.23 baht ($2.07), respectively.
- Top rubber producer Thailand’s meteorological agency warned of heavy to very heavy rains from Oct. 1-7, leading to flash floods.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for November delivery STFc1 lasttraded at 213.3 U.S. cents per kg, up 0.1%.
($1 = 144.0000 yen)
Reporting by Haridas; Editing by Sumana Nandy
Source:
Reuters
