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RUBBER-Rubber rises as oil jumps after Israel launches strikes on Iran

Reuters06-13

RUBBER-Rubber rises as oil jumps after Israel launches strikes on Iran

BEIJING, June 13 (Reuters) - Japanese rubber futures rose on Friday, as Israel's strikes on Iran sent oil prices soaring and Asian markets lower.

  • The Osaka Exchange (OSE) rubber contract for November delivery JRUc6, 0#2JRU: was up 1% at 293.7 yen per kg, as of 0209 GMT.

  • The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 0.6% to 13,860 yuan per metric ton at 0209 GMT

  • The most active July butadiene rubber contract on the SHFE SHBRv1 climbed 0.7% to 11,295 yuan per metric ton.

  • Japan's Nikkei .N225 average futures dipped 1.3% in early trade.

  • Oil prices jumped more than 7% to their highest level in months after Israel said it struck multiple targets in Iran 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.

  • Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September.

  • The front-month rubber contract on Singapore Exchange's SICOM platform for July delivery STFc1 was at 163 U.S. cents per kg, up 1.9% at 0208 GMT.

(Reporting by Lewis Jackson and Ella Cao in Beijing; Editing by Rashmi Aich)

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