Japanese futures steady on conflicting industrial data
SINGAPORE, June 1 (Reuters) -
Japanese rubber futures opened flat on Thursday amid mixed signals from Asian factory activity data this week.
The Osaka Exchange (OSE) rubber contract for November delivery JRUc6, 0#2JRU: was unchanged at 208.0 yen ($1.49) per kg as of 0204 GMT.
The rubber contract on the Shanghai futures exchange (SHFE) for September delivery SNRv1 was down 45 yuan, or 0.4%, at 11,820 yuan ($1,664.94) per tonne.
Japan's benchmark Nikkei average .N225 opened down 0.01%. .T
Japan's factory activity expanded in May for the first time in seven months thanks to increases in output and new orders, and buoyed by a positive outlook for the year ahead, a private sector survey showed on Thursday.
However, China's factory activity contracted faster than expected in May, while profit at China's industrial firms slumped in the first four months of 2023, knocking Asian financial markets lower.
Oil prices dipped in early trade on Thursday for the third straight session, after data showed an unexpected, large build in U.S. crude stocks last week, triggering oversupply fears amid signs of weaker Chinese demand. O/R
Lower oil prices incentivise manufacturers to shift to synthetic rubber, derived from oil, hindering the natural rubber market.
A divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition from hardline conservatives and avoid a catastrophic default.
The front-month rubber contract on Singapore Exchange's SICOM platform for July delivery STFc1 last traded at 131.3 U.S. cents per kg, up 0.1%.
($1 = 139.4070 yen)
($1 = 7.0993 yuan)
Reporting by Carman Chew; Editing by Varun H K
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