SINGAPORE: Japanese rubber futures fell on Monday, as a stronger yen made the commodity less affordable to overseas buyers. The Osaka Exchange (OSE) rubber contract for April delivery closed down 1.2 yen, or 0.34%, at 356.7 yen($2.31) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery closed up 10 yuan, or 0.06%, at 17,460 yuan ($2,410.20) per metric ton. The most-active January butadiene rubber contract on the SHFE closed down 155 yuan, or 1.2%, at 12,770 yuan($1,762.79) per metric ton.
Japan’s Nikkei share average rose as investors found comfort from recent US data that signalled strong business activity in the world’s largest economy. China’s central bank injected 900 billion yuan ($124.3 billion) into the banking system via one-year policy loans, as local governments step up selling bonds to ease debt burdens.
The dollar dipped 0.4% against the Japanese yen to 154.11, and moved further away from its recent peak of 156.76. Oil prices retreated following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
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