TOKYO, Oct 8 (Reuters) – Benchmark TOCOM rubber futures inched higher in light trade on Thursday as investors covered short positions ahead of the return of the Shanghai futures market after a week-long holiday in the world’s top buyer China.
FUNDAMENTALS
- The Tokyo Commodity Exchange rubber contract for March delivery was trading up 0.4 yen, or 0.2 percent, at 172.3 yen per kg by 0030 GMT, after snapping a 5-session rally the previous day.
- Chinese financial markets will reopen on Thursday.
- The International Monetary Fund cut its global growth forecasts for a second time this year on Tuesday, citing weak commodity prices and a slowdown in China, and warned that policies aimed at increasing demand were needed.
MARKET NEWS
- The yen crept slightly higher against the U.S. dollar on Thursday to 119.93 yen JPY= , but gains were capped by expectations that the Bank of Japan will unveil more stimulus steps as early as this month.
- Japan’s benchmark Nikkei stock average edged higher in Thursday trade, after U.S.stocks climbed the previous day, led by a rebound in biotechnology companies that pushed the S&P 500 to its highest level in three weeks.
- Copper hit two-week highs on Wednesday but ended flat as
- investors saw oil prices give back their gains and weighed a weak demand outlook against an industry group’s forecast for a deficit of metal next year.
- Oil fell in volatile trading on Wednesday after U.S. government data showing a large crude inventory build surprised traders the day after an industry group had reported a draw.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
- 0600 Germany Trade data Aug
- 1230 U.S. Weekly jobless claims
- 1800 Minutes of Federal Open Market Committee meeting on Sept 16-17
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
