SINGAPORE: Japanese rubber futures rose on Thursday, tracking the Nikkei and supported by trade resuming in China following the National Day holiday.
The Osaka Exchange (OSE) rubber contract for March delivery was up 3.1 yen, or 1.01 percent, at 310 yen (USD2.03) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 235 yuan, or 1.55 percent, to 15,295 yuan (USD2,145.49) per metric ton.
The most-active November butadiene rubber contract on the SHFE gained 150 yuan, or 1.34 percent, to 11,325 yuan per ton. Trading resumed in Chinese markets after the conclusion of the National Day holiday. Japan’s Nikkei climbed 1.8 percent to finish the day at a new record high. Brazil’s auto sales rose 7.9 percent in September to 243,230 units, though production decreased 1.5 percent to 243,405 units.
Brazil is home to the largest car market in South America. Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres. Top rubber producer Thailand’s meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from October 13-15. The yen was slightly stronger at 152.55 per dollar, having slipped to an eight-month low of 153 per dollar overnight.
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