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Markets Print 2024-07-03

Japanese rubber futures rise

SINGAPORE: Japanese rubber futures rose on Tuesday, tracking firm crude oil prices. The Osaka Exchange (OSE) ...
Published July 3, 2024

SINGAPORE: Japanese rubber futures rose on Tuesday, tracking firm crude oil prices.

The Osaka Exchange (OSE) rubber contract for December delivery gained 5.6 yen, or 1.71%, to finish at 334 yen ($2.07) per kg.

The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery closed up 235 yuan at 15,145 yuan ($2,082.87) per metric ton.

The most active August butadiene rubber contract on the SHFE was up 310 yuan, or 2.09%, at 15,175 yuan ($2,087) per metric ton.

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session on expectations of rising fuel demand from the summer travel season and possible US interest rate cuts that could boost economic growth.

Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.

The US dollar hit a near 38-year high to the yen on Tuesday following a surge in Treasury yields as investors contemplated the likelihood of a second Donald Trump presidency.

Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that officials are watching currency markets with vigilance, but noticeably did not repeat a warning that they stood ready to act.

A weaker currency makes yen-denominated assets more affordable to overseas buyers.

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