SINGAPORE, Oct 25 (Reuters) –
- Japanese rubber futures fell for a third straight session on Friday and were poised for a weekly loss, as supply concerns eased on prospects of better weather conditions in top producer Thailand.
- The March Osaka Exchange (OSE) rubber contract JRUc6, 0#2JRU: was down 3.4 yen, or 0.88%, at 382.3 yen ($2.52)per kg, as of 0210 GMT. The contract has lost 3.27% so far this week.
- The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 90 yuan, or 0.5%, to 18,125 yuan ($2,544.61) per metric ton. The contract has dipped 0.22% so far this week.
- Expectations for increased output are strong as weather interference factors have weakened, pressuring raw material prices and weakening rubber cost support, Chinese commodities data provider Longzhong Information said in a note.
- It is expected that the natural rubber market may be volatile and weak in the short term, said Longzhong Information.
- During Oct. 29-30, the southwest monsoon prevailing over parts of Thailand will weaken, while less rains are likely in the upper parts of the country, the meteorological agency said on Friday.
- The severe tropical storm Trami is not expected to move directly into Thailand, the meteorological agency said.
- The yen languished near a three-month trough and was headed for a fourth straight weekly loss, ahead of an election in Japan over the weekend that is likely to complicate the Bank of Japan’s policy normalisation plans. USD/
- The Japanese currency JPY=EBS was last 0.1% lower at 152 per dollar and was looking at a 1.5% weekly loss.
- A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- The front-month November rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 197.4 U.S. cents per kg, up 0.7%.
($1 = 151.8400 yen)
($1 = 7.1229 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
