RUBBER-Japan futures tick up on technical rebound, firm Chinese economic data
BEIJING, Dec 10 (Reuters) -
Japanese rubber futures rose for a fourth consecutive session on Wednesday, supported by a technical rebound and firm Chinese economic data.
The Osaka Exchange (OSE) rubber contract for May delivery JRUc6, 0#2JRU: was up 0.09% at 330.7 yen ($2.11) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery SNRv1 added 1.23% to 15,215 yuan ($2,154.37) per metric ton.
The most-active January butadiene rubber contract on the SHFE SHBRv1 gained 0.9% to 10,605 yuan per ton.
The yen JPY= was up 0.15% at 156.64 per dollar, after a 0.6% fall towards the 157 level in the previous session despite no obvious trigger. USD/
China's trade surplus topped $1 trillion for the first time as manufacturers seeking to avoid President Donald Trump's tariffs shipped more to non-U.S. markets in November, with exports to Europe, Australia and Southeast Asia surging.
The country's consumer price index (CPI) rose 0.7% from a year earlier, National Bureau of Statistics data showed, matching a 0.7% expansion in a Reuters poll of economists.
Oil prices held steady on Wednesday after falling about 1% in the previous session, as investors watched for progress in Russia-Ukraine peace talks and awaited a decision on U.S. interest rates. O/R
Concerns about a shortage of natural rubber supply due to adverse weather in major producer Thailand have also supported prices.
"I think it's actually futures catching up with the physical market, which has been around $1,740–$1,750 per metric ton for Indonesian grades," said Farah Miller, founder of Helixtap Technologies.
"Raw material levels in December and January, likely elevated due to post-flood normalisation, are reflected in the futures," she added.
The front-month rubber contract on Singapore Exchange's SICOM platform for January delivery STFc1 last traded at 172.6 U.S. cents per kg, up 0.8%.
($1 = 156.6900 yen)
($1 = 7.0624 Chinese yuan renminbi)
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