SINGAPORE: Japanese rubber futures rose on Friday, boosted by a weaker yen, although U.S. President-elect Donald Trump’s recent political appointments stoked fears of an escalation in Sino-U.S. trade tension.
The Osaka Exchange (OSE) rubber contract for April delivery was up 3.4 yen, or 0.99%, at 347.4 yen($2.22) per kg, as of 0150 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery fell 180 yuan, or 1.02%, to 17,535 yuan ($2,422.66) per metric ton.
The most-active January butadiene rubber contract on the SHFE fell 410 yuan, or 3.03%, to 13,130 yuan($1,814.06) per ton.
The yen was last down 0.2% at 156.57 per dollar, on track for a weekly decline of 2.5%.
Tokyo’s Nikkei gained 1.1%, driven by a pullback in the yen, which boosted the outlook for Japanese exporters.
U.S. Federal Reserve Chair Jerome Powell said on Thursday there was no need to rush interest rate cuts.
A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers.
Oil prices edged down as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks.
Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
Top rubber producer Thailand’s meteorological agency warned of strong winds and thunder showers from Nov. 14-20.
Pony AI is seeking a valuation of up to $4.48 billion in its U.S. initial public offering, it said on Thursday, as the Chinese self-driving firm moves ahead with its long-sought plan for a New York listing.
Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
The front-month rubber contract on Singapore Exchange’s SICOM platform for December delivery last traded at 185.8 U.S. cents per kg, down 0.4%.
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