SHANGHAI: Japanese rubber futures fell for the sixth straight session on Wednesday on weakening demand from Chinese tyre factories as well as on expectations of supply improving, while softer oil prices also weighed on prices.
The Osaka Exchange (OSE) rubber contract for September delivery was down 2.1 yen, or 0.54percent, at 388 yen (USD2.44) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery rose 10 yuan, or 0.06percent, to 16,800 yuan (USD2,464.25) per metric ton. The most-active May butadiene rubber contract on the SHFE rose 175 yuan, or 3.06 percent, to 16,330 yuan per ton.
Prices of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) and block rubber were down 2.05percent and 1.48percent, respectively.
Chinese tyre factories have been operating at lower rates due to high raw material costs, leading to a weakening of rubber demand, Chinese broker Guosen Futures said in a note.
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