SINGAPORE, Sept 12 (Reuters) –
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Japanese rubber futures ticked up on Thursday, buoyed by a softer yen and firmer synthetic rubber prices, although gains were capped by weaker physical rubber prices and economic uncertainties in top consumer China.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was up 1.0 yen, or 0.28%, at 353.7 yen ($2.48) per kg as of 0217 GMT.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 was down 50 yuan, or 0.3%, to 16,725 yuan ($2,348.62) per metric ton.
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The most active November butadiene rubber contract on the SHFE SHBRv1 rose 205 yuan, or 1.37%, to 15,190 yuan ($2,133.07) per metric ton.
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The dollar rose 0.38% to 142.905 yen JPY=EBS, following a turbulent session on Wednesday that saw the U.S. currency plunge as much as 1.24% to the lowest this year before recovering all its losses after the consumer price data. USD/
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A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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Japan’s Nikkei .N225 jumped 3%, helped by a weaker yen. T.
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Prices of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK and block rubber RUB-STR20C-BKK were down 1.68% and 1.09% to 91.46 baht ($2.71) and 67.23 baht, respectively.
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European firms in China doubt the government has a credible plan to boost demand in the ailing economy or will carry out long-promised reforms, diminishing their appetite to invest in the country, a European business lobby group said on Wednesday.
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Spanish Prime Minister Pedro Sanchez said on Wednesday the European Union should reconsider proposed import tariffs on Chinese-made electric vehicles, and urged Brussels and Beijing to find a compromise that avoids a trade war.
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The front-month October rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 181.0 U.S. cents per kg, down 0.6%.
($1 = 142.5700 yen)
($1 = 7.1212 yuan)
($1 = 33.7500 baht)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
