SINGAPORE, Oct 10 (Reuters) –
- Japanese rubber futures lost ground on Thursday, as improving wet weather conditions in global producing regions eased supply pressures, although a weaker yen limited the downside in prices.
- The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: was down 7.4 yen, or 1.82%, at 398.6 yen ($2.67) per kg, as of 0210 GMT.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 fell 505 yuan, or 2.63%, to 18,695 yuan ($2,643.04) per metric ton.
- The most active November butadiene rubber contract on the SHFE SHBRv1 slid 535 yuan, or 3.25%, to 15,915 yuan ($2,250.01) per metric ton.
- Rainfall at home and abroad is expected to ease in the coming week, and the European Union’s deforestation regulation bill may be postponed, which will put pressure on raw material prices, Chinese commodities service provider Longzhong Information said.
- Downstream product companies are facing sluggish orders, while risk aversion towards high-priced raw materials is on the rise, weakening support from both supply and cost sides, Longzhong Information said.
- Precipitation across most parts of China will be lower than normal over the next 10 days, China’s meteorological agency said.
- The greenback eased 0.18% to 149.035 yen JPY=EBS, but was not far from the overnight peak of 146.365, as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing. USD/
- China’s central bank said on Thursday it would start accepting applications from financial institutions to join a newly created funding scheme, initially worth 500 billion yuan ($70.62 billion), to aid the capital market.
- Share prices in China rose at open following the announcement.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for November delivery STFc1 last traded at 200.5 U.S. cents per kg, down 0.7%.
($1 = 149.1500 yen)
($1 = 7.0733 yuan)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips
Source:
Reuters
