SINGAPORE: Japanese rubber futures closed marginally lower on Tuesday, weighed down by Shanghai losses and lower crude oil prices, while traders awaited China trade data due later this week for further direction.
The Osaka Exchange’s rubber contract for November delivery finished 0.1 yen, or 0.1%, lower at 210.6 yen ($1.51) per kg, snapping a three-session winning streak. The rubber contract on the Shanghai futures exchange for September delivery fell 180 yuan to finish at 11,825 yuan ($1,662.17) per tonne. Japan’s benchmark Nikkei average closed up 0.90%. “The market remains inconclusive despite Monday’s boost due to elevated oil costs from the OPEC+ meeting,” said a Singapore-based rubber trader.
Traders are waiting to see further signs of a recovery in the Chinese economy from upcoming data, though impending supplies from Thailand and Africa given the end of wintering keep prices under pressure for now. China’s imports are expected to have contracted in May, while exports likely fell for the first time in three months, a Reuters poll showed. China’s trade data will be released on Wednesday.
Source: Brecorder
