AIRLINK 74.20 Decreased By ▼ -1.10 (-1.46%)
BOP 4.91 Decreased By ▼ -0.03 (-0.61%)
CNERGY 4.30 Decreased By ▼ -0.09 (-2.05%)
DFML 39.24 Decreased By ▼ -1.94 (-4.71%)
DGKC 85.00 Increased By ▲ 1.69 (2.03%)
FCCL 22.30 Increased By ▲ 0.65 (3%)
FFBL 31.50 Decreased By ▼ -0.50 (-1.56%)
FFL 9.26 Decreased By ▼ -0.16 (-1.7%)
GGL 10.05 Decreased By ▼ -0.03 (-0.3%)
HASCOL 6.79 Decreased By ▼ -0.03 (-0.44%)
HBL 113.70 Decreased By ▼ -0.30 (-0.26%)
HUBC 139.24 Increased By ▲ 0.14 (0.1%)
HUMNL 11.77 Decreased By ▼ -0.23 (-1.92%)
KEL 4.80 Decreased By ▼ -0.11 (-2.24%)
KOSM 4.36 No Change ▼ 0.00 (0%)
MLCF 37.74 Increased By ▲ 0.23 (0.61%)
OGDC 131.30 Decreased By ▼ -1.55 (-1.17%)
PAEL 24.01 Decreased By ▼ -0.84 (-3.38%)
PIBTL 6.38 Decreased By ▼ -0.22 (-3.33%)
PPL 117.60 Decreased By ▼ -0.20 (-0.17%)
PRL 25.68 Decreased By ▼ -0.38 (-1.46%)
PTC 13.70 Decreased By ▼ -0.02 (-0.15%)
SEARL 56.30 Decreased By ▼ -0.95 (-1.66%)
SNGP 66.29 Decreased By ▼ -0.21 (-0.32%)
SSGC 10.13 Decreased By ▼ -0.11 (-1.07%)
TELE 8.01 Decreased By ▼ -0.20 (-2.44%)
TPLP 10.70 No Change ▼ 0.00 (0%)
TRG 62.00 Decreased By ▼ -0.40 (-0.64%)
UNITY 26.56 Decreased By ▼ -0.48 (-1.78%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 7,810 Decreased By -35.6 (-0.45%)
BR30 25,140 Decreased By -116 (-0.46%)
KSE100 74,702 Decreased By -134.2 (-0.18%)
KSE30 23,963 Decreased By -41.7 (-0.17%)

SINGAPORE: Japanese rubber futures edged lower on Monday, hit by a strengthening yen and falling oil prices. The Osaka Exchange (OSE) rubber contract for August delivery was down 3.8 yen, or 1.7%, at 226 yen (1.66) per kg as of 0207 GMT.

The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was down 165 yuan, or 1.3%, at 12,440 yuan ($1,799.23) per tonne.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange inched 0.4% higher from a week earlier, the exchange said on Friday. Japan’s benchmark Nikkei share average opened up 0.91%.

The Japanese yen strengthened 0.04% to 135.83 per dollar. A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.

Oil prices opened lower, after China set a modest target for economic growth this year of around 5%, lower than market expectations of 5.5% growth in the world’s second-largest oil consumer.

Lower oil prices incentivise manufacturers to shift to synthetic rubber derived from oil, hindering the natural rubber market. Still, Asian shares edged up, while bond markets held their breath ahead of an update on the US rate outlook from the world’s most powerful central banker.

There was some disappointment that Beijing chose to lowball its growth outlook with a target of 5%, rather than the 5.5%-plus favoured by the market, but the recent run of actual data has been strong enough to keep investors optimistic.The front-month rubber contract on Singapore Exchange’s SICOM platform for April delivery last traded at 139.10 US cents per kg, down 1.6%.

Comments

Comments are closed.