RUBBER-Japanese futures strengthen for third day on low stocks

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, April 13 (Reuters) -


* Japanese rubber futures opened higher for a third day on Thursday, lifted by buying pressure and limited stock amid the annual cold weather hiatus, although poor global economic forecasts capped gains.
* The Osaka Exchange (OSE) rubber contract for September delivery was up 1.0 yen, or 0.5%, at 207.8 yen ($1.56) per kg as of 0220 GMT.
* The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was down 25 yuan, or 0.2%, at 11,695 yuan ($1,701.41) per tonne.
* Japan's benchmark Nikkei average opened down 0.46%.
* On Tuesday, the International Monetary Fund trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels.
* Despite broad warnings about the economic risks posed by recent stress in the banking sector, global monetary policymakers are keeping their focus squarely on inflation and the need to continue raising interest rates to tame it.
* Group of Seven (G7) finance leaders pledged on Wednesday to take action to maintain the stability of the global financial system after recent banking turmoil and to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient.
* Asian stocks struggled on Thursday, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to herald that the end of U.S. rate hikes is nigh.
* The front-month rubber contract on Singapore Exchange's SICOM platform for May delivery last traded at 134.2 U.S. cents per kg, up 0.1%. ($1 = 133.2200 yen) ($1 = 6.8737 yuan)
(Reporting by Carman Chew; Editing by Rashmi Aich)

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