Rubber futures decline as China stimulus optimism fizzles
Updates closing prices with analyst quote and details
SINGAPORE, Oct 10 (Reuters) -
Rubber futures fell on Thursday, weighed by fading enthusiasm around top consumer China's stimulus package, although losses were limited by a softer yen.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 slumped 1,155 yuan, or 6.02%, to finish at 18,045 yuan ($2,551.36) per metric ton.
The most active November butadiene rubber contract on the SHFE SHBRv1 tumbled 1,110 yuan, or 6.75%, to 15,340 yuan ($2,168.90) per ton.
The Osaka Exchange's rubber contract for March delivery JRUc6, 0#2JRU: closed down 8.5 yen, or 2.09%, at 397.5 yen ($2.67) per kg
"Sentiment in natural rubber futures exchanges today is dominated by the major disappointment from China's step back from its massive stimulus measures and the resultant heavy selloffs in Chinese equities since yesterday afternoon," said Jom Jacob, chief analyst at Indian analysis firm What Next Rubber.
Analysts observed the National Development and Reform Commission's press conference was mainly emphasising already existing policies rather than unleashing new initiatives, Jacob said.
China said on Tuesday it was "fully confident" of achieving its full-year growth target but refrained from introducing stronger fiscal steps.
Chinese shares slumped following the announcement, as investors tempered expectations for a robust economic recovery.
The country's finance ministry will detail plans on fiscal stimulus to boost the economy at a highly-expected news conference on Saturday, signalling more forceful policies to revive growth.
The U.S. dollar rose to a 10-week peak against the yen on Thursday as markets grew more confident about a patient approach by the Federal Reserve to further monetary easing. USD/
A weaker 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 192.3 U.S. cents per kg, down 4.8%.
($1 = 149.1300 yen)
($1 = 7.0727 yuan)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips and Varun H K
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