TOKYO, Oct 21 (Reuters) – Benchmark TOCOM rubber futures bounced back on Wednesday as investors looked for bargains after three straight sessions of falls, but gains are likely to be capped by nerves over slowing demand growth in the top rubber buyer China.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: rose 2.0 yen, or 1.2 percent, to 168.9 yen per kg by 0048 GMT, after falling to a 2-1/2-week low the previous day.
MARKET NEWS
The U.S. dollar was little changed against the yen at 119.80 yen JPY= after edging up 0.3 percent overnight in range-bound trading.
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.9 percent in Wednesday trade, after concerns about corporate earnings hobbled Wall Street the previous day while investors counted down to the European Central Bank’s policy meeting later in the week. MKTS/GLOB
Oil prices settled mixed on Tuesday, with New York-based futures down slightly, as market participants awaited the U.S.government’s inventory data amid a global oversupply that was pressuring prices.
Copper eased on Tuesday on worries over demand growth in
China, but short-covering supported as investors placed bets on another fiscal boost for the world’s top metals consumer.
DATA/EVENTS (GMT)
No major data is expected on Wednesday.
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
