RUBBER Japan futures fall as China's slow growth, firmer yen weigh

  • 1/14/2022
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Japanese rubber futures fell on Friday on concerns over weaker economic growth in top buyer China after new bank lending fell more than expected in December from the prior month, while a stronger yen added to the pressure. The Osaka Exchange rubber contract for June delivery , was down 3.7 yen, or 1.5%, at 240.7 yen ($2.1) per kg, as of 0148 GMT, sliding from a six-week high hit the previous day. The benchmark was set for a weekly loss of about 0.3% and snap the second weekly gain. The rubber contract on the Shanghai futures exchange for May delivery was down 175 yuan, or 1.2%, at 14,935 yuan ($2,348) per tonne on Friday. Chinese banks extended 1.13 trillion yuan ($178 billion) in new yuan loans in December, down from 1.27 trillion yuan in November. read more China"s economic growth is likely to slow to 5.2% in 2022, before steadying in 2023, a Reuters poll showed, as the central bank steadily ramps up policy easing to ward off a sharper downturn. The yen rallied to the U.S. dollar, last holding at 113.81, compared with 114.55 in late Asia trade on Thursday. A stronger yen makes yen-denominated assets less affordable when purchased in other currencies. The front-month rubber contract on Singapore Exchange"s SICOM platform for February delivery last traded at 179.0 U.S. cents per kg, up 0.2%. TOKYO, Jan 14 (Reuters) - ($1 = 6.3604 Chinese yuan) ($1 = 113.8000 yen)

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