Japanese rubber futures soar
SINGAPORE: Rubber futures advanced across major Asian exchanges on Tuesday, buoyed by steady demand from downstream industries. The Osaka Exchange (OSE) rubber contract for March delivery was up 5.6 yen, or 1.85 percent, at 308.5 yen (USD2.05) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 285 yuan, or 1.92percent, to 15,150 yuan (USD2,126.91) per metric ton.
The most-active November butadiene rubber contract on the SHFE gained 160 yuan, or 1.47 percent, to 11,040 yuan per ton. On the demand side, operating rates in most downstream industries remain relatively stable, with buyers seeking to restock at low prices, said Chinese data and information provider Zhuochuang Information.
The yen was last down 0.4 percent at 151.38 per dollar, after Sanae Takaichi was elected as Japan’s prime minister. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers.
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