SINGAPORE: Japanese rubber futures ended unchanged on Tuesday, as poor economic data from Japan offset support from a soft yen and signs of recovering Chinese demand.
The Osaka Exchange (OSE) rubber contract for April delivery last traded at 257.9 yen ($1.72) per kg at closing. The rubber contract on the Shanghai futures exchange (SHFE) for January delivery was down 80 yuan, or 0.6%, at 14,045 yuan ($1,928.78) per metric ton. “Rubber markets remain volatile, lacking a definitive trend. Recent signals of a potential pause in Federal Reserve rate hikes have contributed to a softer US dollar, consequently elevating the break even costs within the supply chain,” said a Singapore-based trader.
Japan’s real wages slipped in September for an 18th month, while consumer spending extended a months-long decline, with rising prices squeezing households’ purchasing power, and likely to add to pressure from labour groups for higher wage increases.
The Japanese yen was at 150.28 per dollar, near the 150-level that has kept traders on edge in recent weeks as they look for signs of intervention from Tokyo.
Comments
Comments are closed for this article.