Reuters
2022.08.03 10:15

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)

The copyright of this article belongs to the original author/organization.
The current content only represents the author’s point of view, and has nothing to do with the position of Longbridge. The content is for investment reference only and does not constitute any investment advice. If you have any questions or suggestions about the content services provided by Longbridge, please contact: editorial@longbridge.global

Like