RUBBER-Japanese futures hit one-week high on strong equities, bets on improving outlook

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, April 14 (Reuters) -


* Japanese rubber futures hit a more than one-week high on Friday tracking strength in Asian markets, as traders held onto hopes of easing global inflationary pressures and hints that U.S. interest rate hikes were coming to an end.
* The Osaka Exchange (OSE) rubber contract for September delivery was up 3.3 yen, or 1.6%, at 209.8 yen ($1.58) per kg as of 0221 GMT.
* For the week, the benchmark OSE contract rose about 2.5%.
* The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was up 60 yuan, or 0.5%, at 11,760 yuan ($1,717.42) per tonne.
* Japan's benchmark Nikkei average opened up 0.58%.
* Minutes from the U.S. Federal Reserve's policy meeting last month showed officials forecasting that the banking sector stress would tip the economy into recession.
* On Thursday, International Monetary Fund Managing Director Kristalina Georgieva said that the global economy has proven remarkably resilient to multiple shocks, but has yet to overcome a combination of weak growth and sticky inflation.
* Despite broad warnings about the economic risks, global monetary policymakers are keeping their focus squarely on inflation and the need to continue raising interest rates to tame it.
* An unexpected surge in March Chinese exports, jumping 14.8% from a year earlier, added to hopes that global inflationary pressure was waning.
* Asian shares firmed on Friday as Singapore became the latest country to pause its policy tightening and markets became more confident the likely next Fed rate hike would be the last this cycle.
* The front-month rubber contract on Singapore Exchange's SICOM platform for May delivery last traded at 135.6 U.S. cents per kg, up 1.0%.
($1 = 132.3700 yen) ($1 = 6.8475 yuan)
(Reporting by Carman Chew; Editing by Rashmi Aich)

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