RUBBER-Japan futures hit 1-week high on hopes of easing US-China trade tensions

TOKYO, June 6 (Reuters) -

• Japanese rubber futures climbed to a one-week high on Friday, supported by hopes of easing U.S.-China trade tensions, but the contract booked a modest weekly loss amid signs of weakness in the U.S. economy.

• The Osaka Exchange (OSE) rubber contract for November delivery JRUc6, 0#2JRU: finished 1.9 yen, or 0.6%, higher at 294.3 yen ($2.0) per kg. It reached 297.3 yen, its highest level since May 30, earlier in the session.

• The contract lost 0.2% this week.

• The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 95 yuan to settle at 13,650 yuan ($1,900) per metric ton.

• "Concerns about trade tensions eased following a phone call between the top U.S. and Chinese leaders, prompting short covering," said Jiong Gu, an analyst at Yutaka Trusty Securities.

• U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks.

• The U.S. nonfarm payrolls report later on Friday, which will draw greater scrutiny after a slew of weaker-than-expected economic data this week, was in focus.

• Japanese household spending unexpectedly fell in April, government data showed on Friday, as consumers tightened their purse strings in the face of higher prices.

• Japan has eased its demand for a full repeal of the 25% U.S. auto tariff and is instead proposing a mechanism to reduce the rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported.

• The yen JPY=EBS traded at 143.90, against 143.15 yen in late Asia trade on Thursday. USD/

• A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/

• Japan's Nikkei .N225 share average rose 0.5% on Friday, as a weaker yen lifted sentiment.

• Oil prices slipped but were on track for their first weekly gain in three weeks. O/R

• The front-month rubber contract on Singapore Exchange's SICOM platform for July delivery STFc1 last traded at 160.4 U.S. cents per kg, up 0.4%.

($1 = 7.1847 Chinese yuan renminbi)

($1 = 143.9300 yen)