Japanese rubber futures climbed for third straight session

SINGAPORE: Japanese rubber futures climbed for a third straight session on. Monday, buoyed by strong domestic equities and hopes for a pause in U.S. interest rate hikes this month, although a spike in crude prices limited the gains.

The Osaka Exchange (OSE) rubber contract for November delivery was up 0.4 yen, or 0.2%, at 210.2 yen ($1.50) per kg, as of 0155 GMT.

The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was up 80 yuan, or 0.7%, at 12,015 yuan ($1,693.80) per tonne.

Japan’s benchmark Nikkei average opened up 1.08%, crossing 32,000 for the first time since July 1990.

Asian shares extended a global rally on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report.

The Japanese yen softened 0.14% against the dollar to 140.15, making yen-dominated assets more affordable when purchased in other currencies. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.5% from a week earlier, the exchange said on Friday.