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Japan futures set for first weekly gain in five as yen weakens, oil jumps

By Reuters News

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)

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