Japanese rubber futures slide

SINGAPORE: Japanese rubber futures slipped for a second straight session on Monday, pressured by a firmer yen, while improving weather conditions in top producer Thailand eased supply concerns. The June Osaka Exchange (OSE) rubber contract ended daytime trade 9.4 yen lower, or 2.44%, at 375.5 yen ($2.40) per kg. The March rubber contract on the Shanghai Futures Exchange (SHFE) shed 100 yuan, or 0.57%, to 17,415 yuan ($2,380.50) per metric ton. The most-active February butadiene rubber contract on the SHFE ticked down 15 yuan, or 0.1%, to 14,755 yuan ($2,016.90) per ton. Thailand’s meteorological agency said the northeast monsoon prevailing over the Gulf and the southern region would weaken with less rains and isolated thunder-showers.

The yen strengthened in Asian hours, clinging to a one-month high hit last week, last trading at 155.98 per dollar. A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. Oil prices fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia’s energy sector offset supply concerns.