SINGAPORE: Japanese rubber futures inched up on Friday and headed for gains for a third consecutive week, lifted by a weaker yen, although losses in the Shanghai market and domestic equities capped gains. The Osaka Exchange rubber contract for June delivery was up 0.4 yen, or 0.2%, at 227.9 yen ($1.77) per kg as of 0219 GMT. For the week, the benchmark OSE contract has gained about 1.9%.
The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was down 80 yuan, or 0.6%, at 13,240 yuan ($1,953) per tonne. The SHFE will be closed from Jan. 21-27 for the Lunar New Year holidays. Trading will resume on Jan. 30. Japan’s benchmark Nikkei share average opened down 0.22%.
The US dollar was quoted around 128.85 yen, gaining about 0.3%. A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
Rubber demand sentiment has been mixed recently as China’s relaxation of its strict COVID restrictions was immediately followed by a fresh wave of infections.
Comments
Comments are closed.