RUBBER-Japanese futures climb on weaker yen, Shanghai rally
SINGAPORE, Aug 3 (Reuters) -
SINGAPORE, Aug 3 (Reuters) -
Japanese rubber futures snapped a three-session losing streak on Wednesday, tracking gains in the Shanghai market as a weaker yen against the U.S. dollar prompted fresh buying.
The Osaka Exchange rubber contract for January delivery
(JRUc6)
(0#2JRU:) was up 1.8 yen, or 0.8 %, at 228.8 yen ($1.71) per kg as of 0200 GMT.
The rubber contract on the Shanghai futures exchange for September delivery (SNRv1) was up 80 yuan, or 0.7% at 12,080 yuan ($1,790) per tonne.
Japan’s benchmark Nikkei average (.N225) opened up 0.28%.
(.T)
The U.S. dollar was quoted around 133.67 yen (JPY=) , after bouncing back from an almost two-month low of 130.39 yen the previous session. (FRX/)
A weaker yen makes yen-denominated assets more affordable when purchased in other currencies, boosting demand.
Asia-Pacific bond yields followed U.S. Treasury yields higher and the dollar continued its climb after Federal Reserve officials signalled they are nowhere near done raising interest rates. (MKTS/GLOB)
The front-month rubber contract on Singapore Exchange’s SICOM platform for September delivery (STFc1) last traded at 151.8 U.S. cents per kg, down 0.8%. ($1 = 133.6700 yen) ($1 = 6.7491 yuan)