SINGAPORE: Japanese rubber futures inched lower on Thursday, extending losses to a fifth straight session, as data showing slowing export growth amid faltering Chinese automobile demand weighed on sentiment, while a firmer yen added pressure.
The Osaka Exchange rubber contract for July delivery was down 0.1 yen, or 0.1%, at 219.1 yen ($1.64) per kg as of 0208 GMT. The rubber contract on the Shanghai futures exchange for May delivery was up 25 yuan, or 0.2%, at 12,575 yuan ($1,836.25) per tonne.
Japan’s benchmark Nikkei share average opened up 0.56%. Growth in Japan’s merchandise exports slowed sharply in January amid weakening Chinese demand for cars and chipmaking machinery, stoking concerns about a global slowdown and creating the country’s largest trade deficit on record.
Rubber markets are waiting for signs of a demand pick-up in top buyer China after the country lifted its strict COVID-19 curbs at the end of 2022.
The yen rose about 0.2% to 133.83 per dollar, having drawn some support after the nomination of Kazuo Ueda as the next central bank governor raised market hopes that the 71-year-old could end super-low interest rates in Japan sooner than initially expected.
Comments
Comments are closed.