SINGAPORE: Japanese rubber futures snapped a six-day winning streak to end lower on Thursday as traders gauged disappointing factory activity data and weak Chinese demand.
The Osaka Exchange (OSE) rubber contract for June delivery was down 1.6 yen, or 0.62%, at 254.9 yen ($1.78) per kg, as of 0200 GMT. The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was down 170 yuan, or 1.20%, at 13970 yuan ($1,952.37) per metric ton.
“Rubber prices have been fluctuating as overall demand in China has been relatively soft,” said a Singapore-based trader. Japan’s factory activity contracted at the steepest pace in 10 months in December as output and new orders slid on market uncertainty, a private-sector survey showed.
Japan’s benchmark Nikkei average closed 0.53% lower. The share average fell as much as 2% as airline, construction and utilities reacted to Tuesday’s aircraft collision and the earthquake that hit western Japan earlier this week. The Japanese yen weakened 0.1% to trade at 143.4 against the dollar.
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