TOKYO: Japanese rubber futures finished largely unchanged on Thursday, with the market holding near a three-month high on worries over supply in top producer Thailand, although gains were capped by a stronger yen.
The Osaka Exchange (OSE) rubber contract for July delivery finished up 0.1 yen at 388.1 yen per kg, not far from its highest since late October reached on Wednesday.
Recent rainfall in southern Thailand has hindered production increase ahead of the wintering season, when supply is generally low, according to an analyst.
The yen made broad gains as Japan looks on track to keep raising interest rates. Japan’s Nikkei share average ended higher on Thursday, as investors snapped up chip-related shares after Advantest raised its full-year profit forecast. Trading in the rubber market was thin due to the Lunar New Year holidays in China and Singapore. Mainland China’s commodity futures markets will resume trade on Wednesday, Feb. 5.
Trading in Singapore financial markets will resume on Friday, Jan. 31. Toyota Motor expects global vehicle production to rise 10.4% in the February-April period from a year earlier, the Chubu Keizai newspaper said. Japan’s Nissan Motor is offering buyouts to workers and cutting back shifts at three US factories, a company spokesperson said, as the automaker pushes to slash costs globally.
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