SINGAPORE: Japanese rubber futures rose amid stronger global oil prices, but gains were capped by a stronger yen that is closely monitored for drastic upheavals.
The Osaka Exchange (OSE) rubber contract for April delivery closed up 6.5 yen or 1.87%, at 354.5 yen($2.29) per kg .
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery closed up 95 yuan, or 0.55%, to 17,460 yuan($2,411.44) per metric ton.
The International Monetary Fund warned on Tuesday that “tit-for-tat” tariffs could undermine Asia’s economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.
This is amid concerns over US President-elect Donald Trump’s plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
The dollar sagged 0.17% to 154.41 yen after remarks from Japanese Finance Minister Katsunobu Kato that the government would “respond appropriately to excessive moves” in the yen exchange rate.g, up 0.2%.
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