Japan futures fall on softer China economic outlook
SINGAPORE, Oct 16 (Reuters) -
Japanese rubber futures fell on Wednesday, weighed down by concerns of slower economic growth in top consumer China, although a softer yen lent some support to the market.
The March Osaka Exchange (OSE) rubber contract JRUc6, 0#2JRU: was down 7.1 yen, or 1.81%, at 386 yen ($2.59) per kg, as of 0212 GMT.
The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 fell 155 yuan, or 0.85%, to 18,120 yuan ($2,545.77) per metric ton.
China's economy is likely to expand 4.8% in 2024, undershooting the government's target, and growth could cool further to 4.5% in 2025, a Reuters poll showed, maintaining the pressure on policymakers as they consider more stimulus measures.
Last week, China's finance minister pledged to "significantly increase" debt to revive growth, but left investors guessing on the overall size of the stimulus package.
China may raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to help bolster a sagging economy through expanded fiscal stimulus, Caixin Global reported on Monday, citing multiple sources with knowledge of the matter.
The yen JPY=EBS was steady at 149.155 per dollar. It has weakened 3.6% so far this month as the dovish tilt from the Bank of Japan drags the currency. USD/
A softer Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Oil prices rose on Wednesday on continued uncertainty over conflict in the Middle East, after falling as much as $5 this week to the lowest levels since early October on demand concerns. 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 front-month November rubber contract on Singapore Exchange's SICOM platform STFc1 last traded at 198.3 U.S. cents per kg, down 1.9%.
($1 = 149.0300 yen)
($1 = 7.1177 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
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