* Japanese rubber futures ended lower on Wednesday,
extending
losses for a second session, as slower-than-expected China
recovery and dipping prices made traders reluctant to rejoin the
market.
* Osaka Exchange's rubber contract for September delivery finished 1.7 yen, or 0.8%, lower at 208.3 yen ($1.58)
per kg.
* The rubber contract on the Shanghai futures exchange for
May
delivery fell 50 yuan to finish at 11,865 yuan
($1,722.14) per tonne.
* Japan's benchmark Nikkei average closed up 1.33%.
* Traders had hoped for a stronger recovery in China
but
overall
demand has been lacklustre, a Singapore-based trader said.
* "Given that prices have dropped to a low, traders are still very cautious when it comes to re-entering the market," he said.
* Early last week, the OSE benchmark contract plunged to 201.9 yen, its lowest since Sept. 2021.
* The Japanese yen weakened 0.89% to 132.04 per
dollar, as
of 0703 GMT, outweighing gains from the previous session.
* A weaker yen makes yen-denominated assets more affordable
when
purchased in other currencies.
* Likewise, crude prices rose for a third session on
Wednesday as
a halt to some exports from Iraqi Kurdistan raised concerns of
tightening supplies, while fears of a global banking crisis
eased.
* Higher oil prices help the natural rubber market as
manufacturers are incentivised to shift away from rival
synthetic rubber derived from oil.
* Asian shares surged on Wednesday as easing concerns over
the
banking sector revived risk appetite, while Alibaba's plans to split into six units lifted Chinese tech stocks.
* The front-month rubber contract on Singapore Exchange's
SICOM
platform for April delivery remained flat, last trading
at 133.4 U.S. cents per kg.
($1 = 131.8700 yen)
($1 = 6.8897 yuan)
(Reporting by Carman Chew; Editing by Sonia Cheema)
For other physical rubber prices in Thailand, click on . For more details on Indonesian and Malaysian prices click on and .
* Reuters Terminal users can see cash and futures rubber prices by double clicking on the codes in the brackets: - Tokyo rubber futures -- - Shanghai rubber futures -- - Singapore rubber futures -- - Thai rubber futures -- - All rubber news - Tokyo rubber report - Shanghai rubber report - Thailand rubber report - Asian rubber report For Related News and other topics, double click on one of these codes: SPEED GUIDES ))
