* Japanese rubber futures slid on Wednesday, extending
losses to a
fourth consecutive session, tracking losses in the Shanghai
market and weaker domestic equities, while falling crude prices
added pressure.
* Osaka Exchange's (OSE) rubber contract for July delivery finished 0.8 yen, or 0.4%, lower at 219.2 yen ($1.64)
per kg, after hitting its lowest since Jan. 4 at 217.7 earlier
in the session.
* The rubber contract on the Shanghai futures exchange for
May
delivery fell 30 yuan to finish at 12,530 yuan ($1,831)
per tonne.
* Japan's benchmark Nikkei share average closed down
0.37.
* "Prices might be approaching technical support levels soon
- it
is important to remember that we are approaching the lean season
of natural rubber production, hence supply should fall in the
near future," said a Singapore-based trader.
* Oil prices extend losses on Wednesday as a much
bigger-than-expected surge in the U.S. crude inventories and
expectations of further interest rate hikes sparked concerns
over the prospect of weaker fuel demand and economic recession.
* The natural rubber market is hindered by weaker oil prices
as
manufacturers are disincentivised from shifting away from
synthetic rubber that is derived from oil, driving natural
rubber prices lower.
* Rubber markets are waiting for signs of a demand pick-up
in top
buyer China after the country lifted its strict COVID-19 curbs
at the end of 2022.
* Asian stocks slipped while the U.S. dollar held firm on
Wednesday following U.S. inflation data and remarks from central
bank officials that have investors worrying interest rates are
going to be higher for longer.
* The front-month rubber contract on Singapore Exchange's
SICOM
platform for March delivery last traded flat at 137.7
U.S. cents per kg.
($1 = 133.3800 yen)
($1 = 6.8436 yuan)
(Reporting by Matthew Chye; Editing by Rashmi Aich)
For other physical rubber prices in Thailand, click on . For more details on Indonesian and Malaysian prices click on and .
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