TOKYO, Sept 15 (Reuters) – Benchmark TOCOM rubber futures fell for a second day on Tuesday, tracking sharp overnight drops in oil prices and as worries persist over cooling economic growth in the world’s top consumer China.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for February delivery fell 2.4 yen to 174 yen per kg by 0024 GMT, after settling down 1.4 yen on Monday. The benchmark contract stood about 7 percent above the six-year low hit on Sept. 7.
MARKET NEWS
Brent fell almost 4 percent on Monday, narrowing U.S. crude’s discount against the global oil benchmark to the lowest level since January, after an industry report of a large supply draw and government data forecasting lower U.S.crude output.
The U.S. dollar was quoted around 120.50 yen , compared with around 120.20 yen on Monday afternoon.
Japan’s benchmark Nikkei stock average .N225 was up 1 percent.
Copper prices slid on Monday along with Chinese equities as economic data from China reinforced worries about demand growth in the world’s top consumer of industrial metals.
DATA/EVENTS (GMT) The following data is expected on Tuesday: (Time in GMT)
– 0900 Germany ZEW economic sentiment Sep
– 0900 Euro zone Employment Q2
– 0900 Euro zone Eurostat trade Jul
– 1230 U.S. New York Fed manufacturing Sep
– 1230 U.S. Retail sales Aug
– 1315 U.S. Industrial output Aug
– 1400 U.S. Business inventories Jul
(Reporting by Osamu Tsukimori; Editing by Ed Davies)
