RUBBER-Japanese futures rise for sixth day on Shanghai gains

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, April 21 (Reuters) -


* Japanese rubber futures rose for a sixth session on Friday, tracking Shanghai gains, but weaker crude prices and slow export growth from Japan weighed on sentiment.
* The Osaka Exchange (OSE) rubber contract for September delivery was up 0.2 yen, or 0.1%, at 213.0 yen ($1.59) per kg, as of 0149 GMT.
* The benchmark contract has risen 1.5% so far this week, on track for a second straight weekly gain.


* The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was up 90 yuan, or 0.8%, at 12,035 yuan ($1,749.76) per tonne.
* Japan's benchmark Nikkei average opened down 0.23%.
* Japan's export growth slowed in March, dragged down by a drop in China-bound shipments of cars and steel in a slide that underscores concern about slackening global demand amid higher interest rates and Western banking-sector jitters.
* Oil prices eased, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand.
* Lower oil prices incentivise manufacturers to shift towards synthetic rubber derived from oil, weighing on the natural rubber market.
* Asian stocks slid towards their worst week in a month-and-a-half, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness.
* The front-month rubber contract on Singapore Exchange's SICOM platform for May delivery last traded at 138.6 U.S. cents per kg, up 0.1%.
($1 = 133.9200 yen) ($1 = 6.8781 yuan) (Reporting by Carman Chew; Editing by Subhranshu Sahu)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.