SINGAPORE: Japanese rubber futures rose for a fifth consecutive session on Wednesday, supported by gains in the Shanghai market and a weaker yen against the dollar.
The Osaka Exchange rubber contract for February delivery was up 1.3 yen, or 0.6%, at 224.2 yen ($1.55) per kg, as of 0135 GMT. The rubber contract on the Shanghai futures exchange for January delivery was up 110 yuan, or 0.9%, at 12,680 yuan ($1,831) per tonne. Japan’s benchmark Nikkei share average fell 2.59%, as of 0103 GMT. The US dollar was quoted around 144.74 yen, after climbing as high as 144.965 yen overnight, nearly hitting a 24-year high.
Japan’s core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen, which has pushed up costs at home.
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