* Japanese rubber futures recovered on Friday but extended
weekly
losses, as traders remained cautious amid a turbulent week of
global monetary tightening and concerns over a banking crisis.
* Osaka Exchange's rubber contract for August delivery finished 0.6 yen, or 0.3%, higher at 208.5 yen ($1.57)
per kg.
* The benchmark OSE contract rose for the first time in 11
days
but posted a second weekly drop, shrinking about 4.9%.
* The rubber contract on the Shanghai futures exchange for
May
delivery fell 55 yuan to finish at 11,675 yuan
($1,699.49) per tonne.
* Japan's benchmark Nikkei share average closed up
1.20%.
* "This week was pretty volatile, and saw quite a bit of
panic
selling amidst SVB and Credit Suisse news reverberating across
most markets," said Farah Miller, chief executive officer of
Helixtap Technologies, an independent rubber-focused data
company.
* "Within rubber futures, the sharp drops probably also
triggered
stop losses."
* "The market remains on edge, but slightly comforted by the
Swiss
National Bank stepping in to lend support. On the physical
market, many sellers remained sidelined yesterday waiting for
markets to stabilise," she added. "Perhaps there would be thin
physical trading and many more observing, waiting for the
outcome of the upcoming Fed meeting."
* Oil prices rose on Friday after a meeting between Saudi
Arabia
and Russia calmed markets amid strong China demand expectations.
* Asian markets extended a risk rally on Wall Street on
Friday to
end a tumultuous week that saw a brewing banking crisis send
bond yields plunging while market participants sharply lowered
expectations of future interest rate hikes in Western economies.
* The front-month rubber contract on Singapore Exchange's
SICOM
platform for April delivery last traded at 130.2 U.S.
cents per kg, up 0.5%.
($1 = 132.9700 yen)
($1 = 6.8697 yuan)
(Reporting by Carman Chew; 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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