SINGAPORE, June 28 (Reuters) –
- Japanese rubber futures ticked down on Friday, tracking losses in synthetic rubber prices, as it headed for a decline for the month on subdued rubber demand and improvements in supply.
- The Osaka Exchange (OSE) rubber contract for December delivery JRUc6, 0#2JRU: fell 1.5 yen, or 0.45%, to 331.1 yen ($2.06) per kg as of 0157 GMT.
- The contract is set for a weekly gain of about 0.7%, although it was poised for a more than 3% decline in June.
- The September rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 was down 95 yuan, or 0.63%, at 14,965 yuan ($2,059.20) per metric ton.
- The most active August butadiene rubber contract on the SHFE SHBRv1 was down 110 yuan, or 0.74%, at 14,775 yuan ($2,033.05) per ton.
- Oil prices rose on Friday on concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. 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 yen JPY= continued to languish near a 38-year low on the weaker side of 160 per dollar.
- A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- Top rubber consumer China hopes negotiations will lead to a “mutually acceptable solution” with the European Union on preliminary tariffs on Chinese electric vehicles scheduled to take effect on July 4.
- Top producer Thailand meteorological agency warned of “heavy to very heavy rains and accumulations that may cause flash flood and runoff” from June 28 to July 3.
- The front-month July rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 166.1 U.S. cents per kg, up 0.5%.
($1 = 161.0700 yen)
($1 = 7.2674 yuan)
Reporting by Gabrielle Ng and Cassandra Yap; Editing by Rashmi Aich
Source:
Reuters
