Japan futures set for first weekly gain in five as yen weakens, oil jumps
By Emily Ou Yong
Nov 13 (Reuters) - Japanese rubber futures rose Friday and set up a first weekly gain in five, as the yen weakened to its lowest level since September and oil prices jumped.
The Osaka Exchange (OSE) rubber contract for April delivery , was up 3.6 yen, or 0.82%, at 440.1 yen ($2.76) per kg as of 0202 GMT
The contract has gained 3.77% so far this week
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 60 yuan, or 0.31%, to 19,550 yuan ($2,930.86) per metric ton
The most active January butadiene rubber contract on the SHFE gained 365 yuan, or 2.36%, to 15,860 yuan per metric ton
The yen was largely unchanged at 159.875 per dollar on Friday, near the key 160 mark and its lowest level since early September, fuelling intervention concerns USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers FRX/
Stocks in Asia were on steadier footing on Friday, with Japan's Nikkei .N225 up 1.4% MKTS/GLOB
Oil prices jumped on Thursday and settled up by $3 a barrel after attacks on Saudi energy infrastructure escalated and shipping disruptions through the Strait of Hormuz threatened global oil flows O/R
Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil
European replacement sales of passenger and light truck tyres fell 1% in the third quarter as high fuel prices and weak consumer confidence reduced driving, according to Tyres Europe's latest quarterly report
Imports from China fell 32% year-on-year in January-August after EU anti-dumping duties of up to 45.3% took effect in July, while Southeast Asian suppliers lifted their market share to 24% from 7%, the report showed
The front-month rubber contract on Singapore Exchange's SICOM platform for February delivery last traded at 248.8 US cents per kg, up 0.8%
($1 = 159.6400 yen)
($1 = 6.6704 Chinese yuan)