SHANGHAI: Japanese rubber futures rose Friday and posted their first weekly gain in five, as the yen weakened to its lowest level since September and Tokyo equities rebounded.
The Osaka Exchange (OSE) rubber contract for April delivery was up 5.2 yen, or 1.19 percent, at 441.7 yen (USD2.76) per kg. The contract climbed 4.15 percent this week. The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 110 yuan, or 0.56 percent, to 19,600 yuan (USD2,938.88) per metric ton. The most active January butadiene rubber contract on the SHFE gained 525 yuan, or 3.39 percent, to 16,020 yuan per metric ton.
The yen was steady at 159.89 per dollar, hovering near its weakest since early September and fuelling concerns about possible intervention.
A weaker currency makes yen-denominated assets more affordable to overseas buyers. Japan’s Nikkei share average closed higher on Friday and logged its biggest weekly gain in five months, as upbeat earnings and renewed AI optimism helped the market recover from the previous week’s sharp sell-off despite concerns surrounding Nvidia, with the Nikkei up 0.53 percent.
European replacement sales of passenger and light truck tyres fell 1 percent in the third quarter as high fuel prices and weak consumer confidence reduced driving, according to Tyres Europe’s latest quarterly report.
Imports from China fell 32 percent year-on-year in January-August after EU anti-dumping duties of up to 45.3 percent took effect in July.