SINGAPORE: Japanese rubber futures rose on Wednesday to their highest in eight weeks, underpinned by rising prices for synthetic and physical rubber.
The Osaka Exchange (OSE) rubber contract for January delivery closed up 8.1 yen, or 2.45%, at 339.1 yen per kg. The contract hit an intraday high of 339.4 yen, its strongest since June 14. The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 135 yuan, or 0.84%, to finish at 16,290 yuan ($2,284.46) per metric ton.
The most-active October butadiene rubber contract on the SHFE closed up 145 yuan, or 1%, to 14,610 yuan($2,048.60) per metric ton. Prices of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) and block rubber were up 1.75% and 4.69% at 86.09 baht ($2.52) and 68.97 baht ($2.01), respectively. Top rubber producer Thailand’s meteorological agency warned of heavy rains that may cause flash floods from Aug 21-27.
The dollar was volatile against Japan’s currency, sagging 0.21% to 144.945 yen at one point, and was last trading 0.35% higher at 145.75 yen.
A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. The front-month rubber contract on the Singapore Exchange’s SICOM platform last traded at 176.3 US cents per kg.
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