Japan rubber futures slip on weaker oil, but Shanghai rallies

TOKYO: Japanese rubber futures slipped on Wednesday as investors adjusted positions on weaker crude oil prices, although a rally in Shanghai contracts helped limit losses.

Osaka Exchange’s rubber contract for April delivery finished 0.2 yen lower at 232.9 yen per kg, after falling to as low as 230.1 yen earlier in the session.

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer.

“There were no fresh fundamental news, but speculators made position adjustments, causing a drop in OSE market,” a Tokyo-based dealer said.

In contrast, the rubber contract on the Shanghai futures exchange for January delivery rose 255 yuan to finish at 14,865 yuan per tonne.