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RUBBER-Japan futures extend losses as supply pressures ease

Reuters
Mar 19
RUBBER-Japan futures extend losses as supply pressures ease

Updates prices to market close

By Ruth Chai

March 19 (Reuters) -

  • Japanese rubber futures declined for a third session on Thursday, with the harvest season expected to start next week easing supply concerns.

  • The Osaka Exchange rubber contract for August delivery JRUc6, 0#2JRU: was down 3.5 yen, or 0.94%, at 367 yen ($2.30) per kg.

  • The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery SNRv1 fell 415 yuan, or 2.51%, to 16,090 yuan ($2,332.15) per metric ton.

  • The most active May butadiene rubber contract on the SHFE SHBRv1 rose 180 yuan, or 1.17%, to 15,540 yuan per metric ton.

  • Supply pressures are anticipated to ease as the peak rubber harvesting season in April and May approaches, with domestic tapping in China set to begin next week, several Chinese brokers said.

  • With Japanese markets closed on Friday for the Vernal Equinox, investors closed positions and booked profits. However, a weaker yen and higher oil prices limited the downside.

  • The yen JPY=EBS was up 0.1% at 159.78 against the dollar, teetering on the cusp of a two-year low at the start of trading on Thursday. USD/

  • The Bank of Japan kept interest rates steady but warned of the impact rising oil costs from the Middle East conflict could have on underlying inflation. FRX/

  • Oil prices rose on Thursday following a major escalation in the Middle East war. O/R

  • In automobile news, China's Geely Auto 0175.HK aims to sell 640,000 cars overseas in 2026, 50% more than last year.

  • Automobile sales could influence the intensity of automobile manufacturing and, in turn, affect demand for rubber tires.

  • The front-month rubber contract on Singapore Exchange's SICOM platform for April delivery STFc1 last traded at 189.7 U.S. cents per kg, down 1.3% as of 0700 GMT.

($1 = 159.6400 yen)

($1 = 6.8992 yuan)

(Reporting by Ruth Chai; Editing by Sonia Cheema and Harikrishnan Nair)

((Ruth.Chai@thomsonreuters.com;))

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