Asian Rubber Futures End Higher on Sept.17
Asian rubber future prices ended the session higher as market focus turned to the U.S. Federal Reserve's rate decision late in the global day.
The Federal Reserve is debating whether to raise interest rates for the first time since 2006, which would mark a shift away from the easy monetary policy in place since the financial crisis.
A Singapore trader said he believes a rate increase would be negative for rubber futures denominated in U.S. dollars, like on the Sicom, as it would support the U.S. dollar and make the products more expensive.
Markets were supported throughout Thursday's session by improved sentiment after rises in stock exchanges overnight. The Dow Jones Industrial Average rose 140.10 points, or 0.84%, to 16739.95. The S&P 500 increased 17.21 points, or 0.87% , to 1995.30. The Nasdaq Composite Index went up 28.72 points, or 0.59%, to 4889.24.
The December Tocom benchmark rubber contract pared some of the day's gains to end the session down 2.1 yen at Y174.1 a kilogram. The night session is considered part of the next trading day.
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