SINGAPORE: Japanese rubber futures closed higher on Wednesday for a second session amid weather concerns in key producer Thailand and a weaker yen, although gains were capped by lower oil prices and weaker domestic equities.
The Osaka Exchange (OSE) rubber contract for October delivery closed up 1.9 yen, or 0.62%, at 309.8 yen ($2.00) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 45 yuan to finish at 14,255 yuan ($1,972.93) per metric ton.
Top rubber producer Thailand’s meteorological agency warned of heavy rains and floods in upper Thailand from May 7-13, potentially damaging crops. The yen weakened past the 155-per-dollar level and kept intervention risks from Tokyo high. A weaker currency makes yen-denominated assets more affordable to overseas buyers. Japan’s benchmark Nikkei average closed 1.63% lower.
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