Japan futures rise for third session, but stronger yen caps gains
SINGAPORE, Nov 7(Reuters) -
Japanese rubber futures climbed for the third straight session on Thursday, tracking stronger global oil prices, but gains were capped by a stronger yen.
The Osaka Exchange (OSE) rubber contract for Aprildelivery JRUc6, 0#2JRU: was up 4.3 yen, or 1.18%, at 369.3 yen($2.39) per kg as of 0153 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 rose 250 yuan, or 1.39%, to 18,280 yuan($2,545.54) per metric ton.
The most active Januarybutadiene rubber contract on the SHFE SHBRv1 rose 125 yuan, or 0.87%, to 14,550 yuan($2,026.12) per metric ton.
Wall Street hit record highs on Wednesday and major stock markets around the world surged as yields rose in anticipation that Trump will hike tariffs as he has promised. MKTS/GLOB
China faces major growth risks from potential 60% tariffs on exports to the U.S., much higher than the 7.5%-25% levied on China during Trump's first term.
The yen was up 0.22% at 154.30 per U.S. dollar JPY=EBS, after touching 154.7 on Wednesday, its lowest against the greenback since July 30. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices edged up following a sell-off triggered by the U.S. election, as risks to oil supply from a Trump presidency and a hurricane building off the Gulf Coast outweighed a stronger dollar and higher inventories. 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.
Top rubber producer Thailand's meteorological agency warned of strong winds and heavy rainfall that may cause flash floods from Nov. 6-12.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 199 U.S. cents per kg, up 0.9%.
($1 = 7.1812 yuan)
($1 = 154.3700 yen)
Reporting by Haridas; Editing by Sumana Nandy
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