SINGAPORE, Oct 4 (Reuters) –
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Japanese rubber futures posted their fourth straight weekly gain, even as the market closed slightly lower on Friday as pressure from a stronger yen outweighed support from higher oil prices.
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The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: closed down 0.3 yen, or 0.07%, at 399.8 yen($2.73) per kg. The contract gained 1.99% this week.
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The Shanghai Futures Exchange is closed from Oct. 1-7 for China’s National Day holiday. Trading will resume on Tuesday, Oct. 8.
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Bank of Japan Governor Kazuo Ueda’s efforts to lift rock-bottom borrowing costs face fresh challenges as a yen rebound and the new political leadership’s preference for loose monetary policy raise the hurdle for rate hikes.
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The yen JPY=EBS rose 0.5% against the dollar, but remained close to a more than six-week low hit a day earlier. USD/
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A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. FRX/
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Oil prices were little changed, but remained on track for strong weekly gains, as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against an amply supplied global market.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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Top rubber producer Thailand’s meteorological agency warned of heavy rains that may cause flash flood from Oct. 4-10.
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European Union members face a pivotal vote on Friday on whether to impose tariffs of up to 45% on imports of Chinese-made electric vehicles in the bloc’s highest profile trade case, which risks retaliation from Beijing.
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Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
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The front-month rubber contract on Singapore Exchange’s SICOM platform for November delivery STFc1 last traded at 202.3 U.S. cents per kg, up 1.0%.
($1 = 146.1800 yen)
Reporting by Haridas; Editing by Sonia Cheema and Subhranshu Sahu
