SINGAPORE: Japanese rubber futures fell on Thursday as a stronger yen made the commodity expensive for international buyers, although a firmer Shanghai market on potential supply chain disruptions limited the decline.
The Osaka Exchange (OSE) rubber contract for May delivery was down 0.5 yen, or 0.2%, at 240 yen ($1.68) per kg at closing.
Meanwhile, the rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery was up 195 yuan, or 1.5%, at 13,785 yuan ($1,929.24) per metric ton.
The Japanese yen rose 0.3% against the dollar and last traded at 143.2. It has lost more than 8% on the dollar this year as the Bank of Japan has steadfastly kept short-term rates negative, against 300 basis points of US interest rate hikes.
Japan’s government on Thursday slightly raised its economic growth projections for this fiscal year from its previous estimates, as external demand is likely to more than offset weak domestic consumption, the Cabinet Office said.
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