Japan futures range-bound amid lower physical prices, weak Chinese data
Updates closing prices, adds analyst quote
SINGAPORE, Aug 14 (Reuters) -
Japanese rubber futures were little changed onWednesday, as traders weighed supply disruptions against weakerphysical rubber prices and disappointing Chinese economic data.
The Osaka Exchange (OSE) rubber contract for January delivery JRUc6, 0#2JRU: closed up 3.6yen, or 0.09%, at 323.6 yen ($2.20) per kg.
The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 fell 210 yuan, or 1.31%, to finish at 15,805 yuan ($2,211.23)per metric ton.
The price of Thailand's benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK was down 0.81% to 84.64 baht ($2.42).
Physical rubber prices are retracing previous sharp gains, which took place amid growing tightness in the availability of natural rubber, said Jom Jacob, chief analyst at Indian analysis firm What Next Rubber.
Supply can improve if rainy weather conditions ease in major producing countries, and further escalation in Middle East tensions and key economic data expected this week can keep speculative traders cautious, added Jacob.
Top producer Thailand's meteorological agency warned of heavy rains that may cause flash floods and overflows from Aug. 14-19.
Leaf disease in domestic production areas has not improved, keeping natural rubber output levels below expectations, and lending support to raw material prices, said Chinese financial information site Hexun Futures in a note.
In top consumer China, bank lending tumbled more than expected in July, hitting the lowest in nearly 15 years, dragged down by tepid credit demand and seasonal factors, and raising expectations that the central bank may dole out more easing steps.
The country's economic growth missed forecasts in the second quarter, while July economic indicators also offered little respite as export growth slowed and consumer inflation got a boost only due toweather disruptions to food supplies.
The front-month September rubber contract on the SingaporeExchange's SICOM platform STFc1 last traded at 171.0 U.S. cents per kg, down 0.8%.
($1 = 147.2100 yen)
($1 = 7.1476 yuan)
($1 = 34.9100 baht)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu and Janane Venkatraman
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