SINGAPORE: Japanese rubber on Tuesday, driven by concerns, while a weaker yen also provided support to the market. Osaka Exchange (OSE) rubber contract for August delivery***11 yen, up 037% to 299 per kilogram4 yen (1.)$99).
The Shanghai ** Exchange (SHFE) rubber contract for May delivery** 70 yuan closed at 13,780 yuan (1,914.t.).$21). Jom Jacob, co-founder of Indian analyst firm What Next Rubber, said rubber is poised for further growth in the coming months due to growing concerns about it. The current rubber shortage is due to the "annual leaf-changing season of rubber trees" and "a massive shift in crops from rubber to other crops such as oil palm and durian, especially in Thailand and Indonesia".
The data showed that Tokyo's core inflation rate in February was up from 18% to 25%, and the yen remained at 150 against the dollar49。A weaker currency has made yen-denominated assets more affordable for overseas buyers. Japan is seeing early signs of achieving a virtuous cycle of inflation and wages**.
Jacob added that while the shortage has underpinned it, the outlook for future demand is likely to be weak given the challenges facing major buyer economies. Most Asia*** of them Hong Kong **sharply** as investors disappointed with the start of China's week-long annual parliamentary session.
This year, China maintained last year's economic growth target of "around 5 percent" and announced plans to run a budget deficit of 3 percent of economic output. The latest trading of front-month rubber contracts for April delivery on the SICOM platform of the Singapore Exchange** was 159 per kilogram6 cents, **025%。