Japan futures rise 1% on stronger oil, Thailand weather concerns
Japanese rubber futures rose by about 1% to close above the 300-level mark on Tuesday, supported by gains in crude oil prices and weather concerns in top rubber producer Thailand.
The Osaka Exchange (OSE) rubber contract for August delivery
TRB1!, TRB1! closed up 3.2 yen, or 1.07%, at 302.6 yen ($2.01) per kg, logging a two-day high.The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery
RSS31! rose 220 yuan to finish at 13,965 yuan ($1,940.20) per metric ton.Oil prices mostly held onto gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries.
Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
Thailand's meteorological agency has warned of summer storms in upper Thailand from March 1-3, potentially causing crop damage.
Renault
RNO and China-owned MG launched new electrified cars in Europe at the Geneva car show on Monday as Chinese automakers seek to take more market share from legacy European rivals.Japan's benchmark Nikkei average
NI225 eked a fresh record high but closed just 0.01% firmer. Japan's core consumer inflation slowed for a third straight month in January but beat forecasts and held at the central bank's 2% target, keeping alive expectations it will end negative interest rates by April.
The yen
USDJPY firmed slightly to 150.48 against the dollar after the release of inflation figures. The Federal Reserve's favoured measure of inflation - the core personal consumption expenditures price index - is due on Thursday and forecasts are for a rise of 0.4%.
The front-month rubber contract on Singapore Exchange's SICOM platform for March delivery
TF1! last traded at 161.4 U.S. cents per kg, up 1.32%.
($1 = 150.4900 yen)
($1 = 7.1977 Chinese yuan renminbi)