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Reuters
Japan futures log fourth straight weekly loss
Updates closing prices, adds analyst comment and details
SINGAPORE, April 26 (Reuters) –
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Japanese rubber futures erased earlier losses to snap a three-day losing streak on Friday, amid higher oil prices and a weak yen, but still logged a weekly loss.
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The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 3.3 yen, or 1.09%, at 305.4 yen ($1.96) per kg.
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It lost 1.74% week-on-week to mark its fourth consecutive weekly loss, the longest weekly losing streak since early August 2023.
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The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 105 yuan, or 0.75%, to finish at 14,195 yuan ($1,959.39) per metric ton.
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Oil prices rose after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. O/R
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Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
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The yen hit its weakest in three decades against the U.S. dollar after the Bank of Japan left interest rates on hold on Friday. FRX/
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A weaker currency makes yen-denominated assets more affordable to overseas buyers.
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SHFE prices are lagging behind, with many traders expressing a bearish tone, as some of them were hoping for the Labour Day stockpiling to be higher, said Farah Miller, CEO of Helixtap Technologies, an independent rubber-focused data company.
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The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses.
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China’s largest auto show opened in Beijing on Thursday.
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The front-month rubber contract on the Singapore Exchange’s SICOM platform for May delivery STFc1 last traded at 159.8 U.S. cents per kg, up 0.82%.
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Japan’s financial markets are closed on Monday for a holiday and will re-open on Tuesday, April 30.
($1 = 155.9500 yen)
($1 = 7.2446 yuan)
Reporting by Cassandra Yap; Editing by Rashmi Aich and Janane Venkatraman
For morning and afternoon prices at Thailand's state-run central rubber market, click on RUB-BKK3.
For other physical rubber prices in Thailand, click on RUB-BKK1, RUB-BKK2.
For more details on Indonesian and Malaysian prices click on RURKJK and RUQG.
* Reuters Terminal users can see cash and futures rubber prices by double clicking on the codes in the brackets:- Tokyo rubber futures -- 0#JRU:
- Shanghai rubber futures -- 0#SNR:
- Singapore rubber futures -- 0#SRS:0#SRU:0#STF:
- Thai rubber futures -- 0#ARU:0#ASR20:
- All rubber news RUB
- Tokyo rubber report RUB/T
- Shanghai rubber report RUB-CN
- Thailand rubber report RUB/TH
- Asian rubber report RUB/ASFor Related News and other topics, double click on one of these codes: SPEED GUIDES RUBBER1, SOFTS/NEWS1
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