TOKYO, Nov 13 (Reuters) – TOCOM rubber futures were little changed on Friday as investors digested gains earlier in the week that mean the benchmark contract is on track for its first weekly increase in more than a month.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: fell 7 yen to 158.5 yen per kg by 0054 GMT, after falling to as low as 157.6 yen.
The contract is heading for a 2.3 percent gain this week, the first weekly gain in five and marking a rare bright spot in the commodities complex.
MARKET NEWS
The U.S. dollar was quoted around 122.52 yen JPY= early on Friday, heading for a fourth day of declines. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was down 1.4 percent in Friday trade, after commodity prices plunged to multi-year lows on concerns about global economic growth.
Copper prices tumbled to their weakest in more than six years on Thursday, weighed down by a strong dollar, weak Chinese credit data and concern about oversupply after inventories rose.
U.S.crude oil dipped further in early trading on Friday to over two-month lows as prices fall over 10 percent since the beginning of November.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
- 0630 France Preliminary GDP Q3
- 0700 Germany Preliminary GDP Q3
- 1000 Euro zone Preliminary GDP Q3
- 1330 U.S. Retail sales Oct
- 1500 U.S. Business inventories Sep
- 1500 U.S. Univ of Michigan sentiment index Nov
(Reporting by Aaron Sheldrick; Editing by Michael Perry)
