Japanese rubber futures fell on Friday as oil prices fell and global equities fell on expectations that the U.S. Federal Reserve would raise interest rates to combat rising l ‘inflation.
The Osaka Exchange rubber contract for August delivery was down 3.9 yen, or 1.6%, at 241.6 yen ($2.08) per kg at 01:32 GMT. The benchmark was set for its second straight weekly decline.
Oil prices fell around 2% on Thursday after a volatile session, a day after their biggest fall in two years, as Russia pledged to meet its contractual obligations and some traders said fears supply disruptions were exaggerated. Read more
Global stock markets also fell, with US inflation hitting nearly 8%, making it all but certain that the US Federal Reserve will raise interest rates next week, and the European Central Bank has accelerated the end of its program massive stimulus. Read more
Japan’s benchmark Nikkei stock average (.N225) fell 2.0% on Friday.
Japanese household spending rose in January, but business sentiment deteriorated in the first quarter as rising raw material costs weighed on corporate margins, leaving the country’s resource-scarce economy struggling. hard work. Read more
The rubber contract on the Shanghai futures exchange for May delivery fell 210 yuan, or 1.5%, to 13,895 yuan ($2,197.50) a ton.
The first-month rubber contract on the Singapore Stock Exchange’s SICOM platform for delivery in April last traded at 177.5 US cents per kg, down 1.3%.
SINGAPORE, March 11 (Reuters) – ($1 = 116.2700 yen)
($1 = 6.3231 yuan)
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Reporting by Isabel Kua; Editing by Rashmi Aich
Our standards: The Thomson Reuters Trust Principles.