Japanese rubber futures track oil lower
SINGAPORE: Japanese rubber futures retreated on Thursday, tracking oil prices lower as a softer dollar weighed on market sentiment, though an upbeat auto manufacturing outlook provided some support. The Osaka Exchange (OSE) rubber contract for February delivery was down 0.4 yen, or 0.13 percent, at 317.1 yen (USD2.15) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 45 yuan, or 0.28 percent, to 15,945 yuan (USD2,229.17) per metric ton.
The most active October butadiene rubber contract on the SHFE gained 120 yuan, or 1.01 percent, to 11,980 yuan per metric ton. The dollar dropped 0.2 percent against the yen to 147.135 as investors bet on a near term rate cut. A stronger currency makes yen-denominated assets less affordable to overseas buyers. Oil prices dipped as the market assessed demand for US fuel as the end of the summer driving season nears.
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