RUBBER-Japanese futures open flat amid concerns over banking turmoil

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, March 20 (Reuters) -


* Japanese rubber futures open mixed on Monday, as banks sought to reassure and stabilise global financial markets over the weekend, while higher oil prices and a weaker yen lent some support.
* The Osaka Exchange (OSE) rubber contract for August delivery opened flat at 208.5 yen ($1.58) per kg as of 0210 GMT.
* The rubber contract on the Shanghai futures exchange (SHFE) for May delivery was up 85 yuan, or 0.73%, at 11,740 yuan ($1,704.86) per tonne.
* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell by 1.1% from a week earlier, the exchange said on Friday.
* Japan's benchmark Nikkei average opened down 0.29%.
* Oil prices rose on Monday, after suffering their biggest weekly loss in months.
* The natural rubber market is helped by stronger oil prices, as manufacturers are incentivised to shift away from synthetic rubber that is derived from oil, driving natural rubber prices higher.
* Likewise, the Japanese yen fell 0.42% against the dollar to 132.35, as of 0212 GMT.
* A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
* Futures and Asian stocks fought to stablise, as a rescue deal for Credit Suisse and a concerted effort from central banks eased immediate fears of contagion, though trade was tense and banks under pressure as confidence concerns swirl.
* The front-month rubber contract on Singapore Exchange's SICOM platform for April delivery last traded at 130.7 U.S. cents per kg, down 0.2%.
($1 = 132.3400 yen) ($1 = 6.8862 yuan) (Reporting by Carman Chew; Editing by Rashmi Aich)

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