RUBBER-Japan futures slip on Shanghai losses, uncertainty over US-Iran truce
TOKYO, June 16 (Reuters) -
Japanese rubber futures edged lower on Tuesday, tracking losses in the Shanghai market and weighed down by concerns over scant details in a preliminary agreement ending the U.S.-Iran war.
The Osaka Exchange (OSE) rubber contract for November delivery JRUc6, 0#2JRU: was down 0.1 yen at 435.8 yen ($2.7) per kg, as of 0154 GMT, reversing the previous day's gains.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 dropped 80 yuan, or 0.45%, to 17,680 yuan ($2,615) per metric ton.
U.S. President Donald Trump said on Monday a preliminary agreement to end the war in the Gulf has been signed by the U.S. and Iran, though details have yet to be made public and both countries said a permanent truce is yet to be negotiated.
Oil prices rebounded on Tuesday on concerns about the lack of details in the preliminary agreement and possible delays in resuming flows through the Strait of Hormuz. O/R
Natural rubber often tracks oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
Japan's Nikkei .N225 edged back from a record high on Tuesday as traders awaited an expected Bank of Japan interest rate hike later in the day.
The yen JPY=EBS traded at 160.15 per U.S. dollar, compared with 160.05 late Monday in Asia. USD/
The front-month rubber contract on Singapore Exchange's SICOM platform for July delivery STFc1 last traded at 226.9 U.S. cents per kg, down 0.5%.
($1 = 6.7600 Chinese yuan)
($1 = 160.1400 yen)
