SINGAPORE: Japanese rubber futures inched lower on Tuesday as the Nikkei weakened, although a softer yen and tight raw material supply limited losses.
The Osaka Exchange rubber contract for September delivery finished 0.4 yen, or 0.2 %, lower at 262.8 yen ($2.09) per kg.
Japan’s benchmark Nikkei share average ended at its lowest since March 16 and was down 1.8 %.
Thai tappers were still on holiday which meant limited raw material output, said a Singapore-based trader, adding that a weaker yen also gave OSE prices some support today.
The dollar traded at 125.61 yen, against 124.99 yen on Monday afternoon in Asia. A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
The rubber contract on the Shanghai futures exchange for September delivery ended nearly flat at 13,545 yuan($2,126.77) per tonne, up 5 yuan.
Some Shanghai residents stepped out of their homes for the first time in more than two weeks on Tuesday, as the city took tentative steps towards easing a COVID-19 lockdown amid mounting worries over the economic impact of the strict curbs.
The front-month rubber contract on Singapore Exchange’s SICOM platform for May delivery last traded at 172.9 US cents per kg, down 0.2%.
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