AVN 68.30 Increased By ▲ 0.55 (0.81%)
BAFL 31.09 Increased By ▲ 0.11 (0.36%)
BOP 4.88 Increased By ▲ 0.07 (1.46%)
CNERGY 3.93 Increased By ▲ 0.17 (4.52%)
DFML 14.27 Increased By ▲ 0.29 (2.07%)
DGKC 42.83 Increased By ▲ 1.83 (4.46%)
EPCL 47.54 Increased By ▲ 0.49 (1.04%)
FCCL 12.10 Increased By ▲ 0.45 (3.86%)
FFL 5.32 Increased By ▲ 0.16 (3.1%)
FLYNG 6.20 Increased By ▲ 0.26 (4.38%)
GGL 11.19 Decreased By ▼ -0.10 (-0.89%)
HUBC 67.50 Decreased By ▼ -0.45 (-0.66%)
HUMNL 5.76 Increased By ▲ 0.06 (1.05%)
KAPCO 28.01 Decreased By ▼ -0.03 (-0.11%)
KEL 2.31 Increased By ▲ 0.04 (1.76%)
LOTCHEM 26.83 Increased By ▲ 0.63 (2.4%)
MLCF 22.77 Increased By ▲ 1.11 (5.12%)
NETSOL 87.15 Increased By ▲ 0.70 (0.81%)
OGDC 101.40 Increased By ▲ 0.91 (0.91%)
PAEL 11.40 Increased By ▲ 0.25 (2.24%)
PIBTL 4.32 Increased By ▲ 0.08 (1.89%)
PPL 81.23 Increased By ▲ 0.63 (0.78%)
PRL 13.74 Increased By ▲ 0.51 (3.85%)
SILK 0.92 Increased By ▲ 0.01 (1.1%)
SNGP 44.45 Increased By ▲ 0.55 (1.25%)
TELE 6.22 Increased By ▲ 0.15 (2.47%)
TPLP 16.10 Increased By ▲ 0.25 (1.58%)
TRG 122.89 Increased By ▲ 1.31 (1.08%)
UNITY 14.25 Increased By ▲ 0.25 (1.79%)
WTL 1.34 Increased By ▲ 0.02 (1.52%)
BR100 4,234 Increased By 52.9 (1.26%)
BR30 15,434 Increased By 164.4 (1.08%)
KSE100 42,207 Increased By 483.7 (1.16%)
KSE30 15,918 Increased By 172.1 (1.09%)
Follow us

TOKYO: Japanese rubber futures dropped to a two-month low on Thursday, as data showing the highest US inflation in more than 40 years raised concerns over more interest rate hikes, which could slow economic growth and curb demand.

The Osaka Exchange rubber contract for December delivery finished down 2 yen, or 0.8%, at 241.8 yen ($1.74) per kg. It hit 241.3 yen, the lowest since May 16, earlier in the session.

The rubber contract on the Shanghai futures exchange for September delivery closed down 240 yuan, or 2%, at 12,055 yuan ($1,789.08) per tonne, after dropping to its lowest level in two years earlier on Thursday.

“The central bank rate hike onslaught is explicitly targeting supply driven inflation of which commodities is at the target bulls eye,” said Stephen Innes, managing partner at SPI Asset Management. “And its unfortunately going to trigger a global slowdown.”

Asian shares were pinned at two-year lows on Thursday after white-hot US inflation data drove fears the Federal Reserve will raise interest rates even more aggressively, which boosted the safe haven dollar.

The US Federal Reserve is seen ramping up its battle with red-hot inflation with a supersized 100-basis-point rate hike this month, after a grim inflation report showed price pressures accelerating.

Fears over weak demand in top consumer China also weigh on prices amid rising fresh COVID-19 cases.

China’s import of natural and synthetic rubber increased almost 16% in June from a year earlier. The front-month rubber contract on Singapore Exchange’s SICOM.

Comments

Comments are closed.

Japanese rubber prices at 2-month low

Intra-day update: rupee maintains momentum against US dollar

IMF talks: ‘Some understanding’ reached: MoS Pasha

Intra-day update: Bullish run at PSX, KSE-100 up over 500 points

Qatar agrees to buy OGDCL, PPL shares

PM forms body to activate STZA

Primary deficit: Rs500bn waiver sought from IMF

First six months: Fiscal deficit swells to 2pc of GDP

Petrol shortage hits major cities of Punjab

New landfill sites: Govt decides to alter ICT master plan

Joint sitting of parliament: Rabbani deplores non-inclusion of terror issue in agenda