Japan futures log fourth straight weekly loss

Updates closing prices, adds analyst comment and details

SINGAPORE, April 26 (Reuters) –

• Japanese rubber futures erased earlier losses to snap a three-day losing streak on Friday, amid higher oil prices and a weak yen, but still logged a weekly loss.

• The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 3.3 yen, or 1.09%, at 305.4 yen ($1.96) per kg.

• It lost 1.74% week-on-week to mark its fourth consecutive weekly loss, the longest weekly losing streak since early August 2023.

• The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 105 yuan, or 0.75%, to finish at 14,195 yuan ($1,959.39) per metric ton.

• Oil prices rose after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. 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.

• The yen hit its weakest in three decades against the U.S. dollar after the Bank of Japan left interest rates on hold on Friday. FRX/

• A weaker currency makes yen-denominated assets more affordable to overseas buyers.

• SHFE prices are lagging behind, with many traders expressing a bearish tone, as some of them were hoping for the Labour Day stockpiling to be higher, said Farah Miller, CEO of Helixtap Technologies, an independent rubber-focused data company.

• The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses.

• China’s largest auto show opened in Beijing on Thursday.

• The front-month rubber contract on the Singapore Exchange’s SICOM platform for May delivery STFc1 last traded at 159.8 U.S. cents per kg, up 0.82%.

• Japan’s financial markets are closed on Monday for a holiday and will re-open on Tuesday, April 30.

($1 = 155.9500 yen)

($1 = 7.2446 yuan)

Reporting by Cassandra Yap; Editing by Rashmi Aich and Janane Venkatraman

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