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TOKYO: Japanese rubber futures rose on Tuesday, supported by expectations of higher automobile demand in India and concerns about weather in top producer Thailand.
The Osaka Exchange (OSE) rubber contract for January delivery was up 1.7 yen, or 0.53percent, at 320 yen ($2.17) per kg, as of 0215 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery was flat at 15,825 yuan ($2,202.14) per metric ton.
The most-active September butadiene rubber contract on the SHFE fell 10 yuan, or 0.08 percent, to 11,800 yuan per ton.
India proposed lowering goods and services tax on small cars to 18 percent from 28 percent as part of sweeping consumption tax cuts. Citi analysts say this could spur demand which has been lacklustre for a long time.
Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
Thailand’s meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from August 21-24.
Oil prices dipped as market participants contemplated planned three-way talks among Russia, Ukraine and the US to end the war in Ukraine.
Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
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