Japan futures slide as yen strengthens, on track for second weekly loss

By Reuters News

By Emily Ou Yong

Oct 23 (Reuters) - Japanese rubber futures fell on Friday, pressured by a stronger yen and a slump in Tokyo equities, putting the contract on track for a second straight weekly loss, even as Chinese tyre production recovered more ground.

  • The Osaka Exchange (OSE) rubber contract for March delivery , was down 6.1 yen, or 1.35%, at 445.9 yen ($2.84) per kg as of 0155 GMT

  • The contract has lost 0.98% so far this week

  • The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery was flat at 19,660 yuan ($2,946.02) per metric ton

  • The most active December butadiene rubber contract on the SHFE rose 270 yuan, or 1.72%, to 15,940 yuan per metric ton

  • The prices of Thailand's benchmark export-grade smoked rubber sheet (RSS3) and block rubber were down 0.55% and 1.21%, to stand at 95.83 baht per kg and 88.47 baht per kg, respectively

  • The Japanese yen hit its strongest level in more than a month on Friday, buoyed by safe-haven flows due to a fresh bout of risk aversion FRX/

  • The yen strengthened 0.3% on Friday to 156.28 per dollar, leading gains among major currencies USD/

  • A stronger currency makes yen-denominated assets less affordable to overseas buyers

  • Japan's Nikkei share gauge slumped on Friday, tracking a tech-led selloff on Wall Street overnight as chip and AI-linked shares came under pressure .T

  • The benchmark Nikkei 225 .N225 fell 1.71% to 61,832.66 in early trading

  • Top consumer China's semi-steel tyre production rate rose to 64.78% as of October 22, from 60.43% a week earlier, while the all-steel tyre production rate climbed to 57.7% from 52.22%, data from rubber information provider Qinrex showed

  • The front-month rubber contract on Singapore Exchange's SICOM platform for January delivery last traded at 250.9 US cents per kg, up 0.8%

($1 = 156.7800 yen)

($1 = 6.6734 Chinese yuan)

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