SINGAPORE: Japanese rubber futures were largely unchanged on Monday after gaining for the last two sessions, with higher crude oil prices offering support. The Osaka Exchange (OSE) rubber contract for February delivery closed flat at 234.6 yen per kg.
The rubber contract on the Shanghai futures exchange (SHFE) for January delivery rose 45 yuan, or 0.3%, to 14,165 yuan per metric ton.
Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports, while remaining wary of further rate hikes that could dampen demand. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
Global shares fell on Monday, extending last week’s slide as central banks reinforced the message that interest rates would stay higher for longer, while investors braced for high-stakes US inflation data on Friday.
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