Japan rubber futures extend gains on yen weakness
SINGAPORE: Japanese rubber futures rose for a third straight session on Tuesday, buoyed by a weaker yen, with traders keeping an eye on a deal to end the US government shutdown.
The Osaka Exchange (OSE) rubber contract for April delivery was up 0.2 yen, or 0.06 percent, at 318.7 yen (USD2.11) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 50 yuan, or 0.33 percent, to 15,095 yuan (USD2,119.19) per metric ton. The most-active December butadiene rubber contract on the SHFE gained 40 yuan, or 0.39 percent, to 10,240 yuan per ton.
The yen hit its lowest since February against the dollar, with traders waiting to see if US lawmakers could secure an end to the government shutdown in the coming days.
A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. Japan’s Nikkei dipped 0.5 percent.
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