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RUBBER-Japan futures fall as China's rising COVID cases stoke demand concerns

Reuters · 11/16/2022 05:06
RUBBER-Japan futures fall as China's rising COVID cases stoke demand concerns

Adds quote, closing prices

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  • Japanese rubber futures fell on Wednesday, snapping a three-session rally, as rapidly rising COVID-19 cases in major Chinese cities fuelled fears of slower demand, although lower inventories in Shanghai limited losses.

  • The Osaka Exchange rubber contract for April delivery JRUc6, 0#2JRU: finished 3.2 yen, or 1.5%, lower at 216.9 yen ($1.6) per kg.

  • The rubber contract on the Shanghai futures exchange for January delivery SNRv1 rose 25 yuan to finish at 12,685 yuan ($1,792) per tonne, recouping earlier losses.

  • "Concerns over increasing virus infections in China weighed on sentiment," a Tokyo-based dealer said.

  • "But lower stockpiles in Shanghai as well as Tokyo lent support, capping losses," he added.

  • China reported 20,199 COVID-19 infections for Nov. 15, including both symptomatic and asymptomatic cases, compared with 17,909 cases a day earlier, fuelling worries about China's economic health.

  • Market participants also assessed risks after a blast in Poland stoked fears of an escalation in the Russia-Ukraine war.

  • NATO member Poland said that a Russian-made rocket killed two people in eastern Poland Ukraine. Russia denied it was responsible.

  • The missile was probably fired from Russia, U.S. President Joe Biden said after an emergency meeting of NATO leaders called to discuss the strike.

  • The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 130.3 U.S. cents per kg, down 0.5%.

($1 = 7.0780 Chinese yuan renminbi)

($1 = 139.4800 yen)


(Reporting by Yuka Obayashi; Editing by Eileen Soreng)

((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))