Japan futures fall on China demand worries
SINGAPORE, Oct 21 (Reuters) -
Japanese rubber futures declined on Monday, as uncertainty surrounding top consumer China's economic recovery clouded the demand outlook.
The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: was down 6.4 yen, or 1.62%, at 388.1 yen ($2.60) per kg, as of 0214 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 was down 190 yuan, or 1.05%, at 17,970 yuan ($2,529.95) per metric ton.
The most active November butadiene rubber contract on the SHFE SHBRv1 fell 385 yuan, or 2.48%, to 15,135 yuan ($2,130.82) per metric ton.
China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.
Data on Friday showed China's economic growth was slightly better than expected in the third quarter, although property investment fell more than 10% in the first nine months of the year. Retail sales and industrial production picked up in September.
Oil prices steadied in early trading, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions 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 JPY=EBS was down 0.1% at 149.32 per dollar, as the U.S. currency looked set to extend its gains in markets counting down to the U.S. presidential election in two weeks. USD/
A softer Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
The front-month rubber contract on Singapore Exchange's SICOM platform for November delivery STFc1 last traded at 193.5 U.S. cents per kg, down 2.6%.
($1 = 149.2500 yen)
($1 = 7.1029 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
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