SINGAPORE: Japanese rubber futures climbed on Monday, lifted by soaring crude oil prices, but the market remained tense amid uncertainty over possible Federal Reserve rate rises and a slowing global economy. The Osaka Exchange (OSE) rubber contract for September delivery was up 3.3 yen, or 1.6%, at 213.3 yen ($1.60)
per kg as of 0209 GMT. The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was up 35 yuan, or 0.3%, at 12,045 yuan ($1,748.95) per tonne.
Japan’s benchmark Nikkei average opened up 0.58%. Japan’s business sentiment soured in January-March to hit the worst level in more than two years, a closely-watched central bank survey showed on Monday, as slowing global growth clouds the outlook for the export-reliant economy. Likewise, China’s factory activity growth stalled in March, weighed by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday.
Federal Reserve policymakers may take some comfort from data on Friday showing a key gauge of inflation cooling in February, but it’s far from clear if it marks enough headway for US central bankers to end their year-long campaign to hike interest rates.
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