SINGAPORE: Japanese rubber futures logged gains for the sixth straight session on Wednesday, as better-than-expected Japanese export data and report on automotive and tyre manufacturing plans boosted investor sentiment.
The Osaka Exchange (OSE) rubber contract for June delivery closed up 6.4 yen, or 2.35%, at 278.9 yen ($1.89) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery rose 190 yuan to finish at 13,630 yuan ($1,900.71) per metric ton. Bridgestone plans an investment push with a focus on electric vehicle tyres, and is seen quintupling its lineup of heavy-duty tyres to around 50 products by December 2026, Nikkei reported.
Tesla has told suppliers it wants to start production of a new mass market electric vehicle codenamed “Redwood” in mid-2025, according to four people familiar with the matter. Stellantis aims to become the leader in the commercial vehicle market worldwide by 2030, by launching an “offensive” in North America and picking up opportunities in Asia, its chief executive said on Tuesday. Japan’s exports value surged to their biggest monthly record in December, official data showed on Wednesday, propelled by shipments to China rising for the first time in over a year and record sales to the United States.
A report on Tuesday said that Chinese authorities were preparing a package of measures worth $278 billion to stabilise the market, offering some hope that the markets may steady, though investors remained sceptical and unimpressed.
Japan’s benchmark Nikkei average closed down 0.8%, as profit-taking continued from the last session, while traders interpreted the tone at the latest Bank of Japan meeting as hawkish. The Japanese yen strengthened 0.33% to 147.88 against the US dollar. The front-month rubber contract on the Singapore Exchange’s SICOM platform for February delivery last traded at 153.80 US cents per kg, up 0.52%.
Comments
Comments are closed.