SINGAPORE: Japanese rubber futures hit a near two-week trough on Monday, tracking Shanghai lower ahead of fresh data this week, which is largely expected to undershoot forecasts.
Osaka Exchange’s rubber contract for November delivery finished down 2.2 yen, or 1%, at 209.8 yen ($1.50) per kg, extending losses for a third straight session and at it lowest since June 2. The rubber contract on the Shanghai futures exchange for September delivery fell 175 yuan to end at 11,895 yuan ($1,665.15) per tonne.
Japan’s benchmark Nikkei average closed 0.52% higher. China’s economic growth in the second quarter is expected to be “relatively high” year-on-year, mainly due to a low base of comparison, while consumer inflation is projected to be above 1% by December, the central bank governor said. China and Hong Kong shares fell as investors braced for fresh data this week, following a steeper-than-expected decline in May factory gate prices.
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