TOKYO, Nov 27 (Reuters) – Benchmark TOCOM rubber futures climbed on Friday, extending gains into a third session and remaining on track for a weekly rise of nearly 4 percent after a jump the previous day following a rally in Shanghai.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: had risen 1.2 yen, or 0.7 percent, to 165.9 yen per kg by 0055 GMT, after soaring more than 4 percent to hit a 1-month high the previous day. RUB/T
For the week, it is heading for an increase of about 3.8 percent.
Activity in China’s manufacturing sector likely shrank for a fourth straight month in November, a Reuters poll showed, underlining persistent sluggishness in the world’s second-largest economy.
The official PMI factory numbers will be released on Tuesday along with the official services PMI.
MARKET NEWS
The U.S. dollar fetched 122.65 JPY= on Friday, remaining pretty much in consolidation mode after reaching a three-month high of 123.77 last week. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was steady in Friday trade.
Copper prices bounced to their highest level in nearly two weeks on Thursday as the dollar’s uptrend faltered and funds started to reverse some of their bets on lower prices.
U.S. crude oil futures fell more than one percent in early Asian trading on Friday, under pressure from concerns of a supply glut, although market activity was subdued due to a U.S.holiday.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
- 0700 Germany Import prices Oct
- 0745 France Consumer spending Oct
- 0745 France Producer prices Oct
- 1000 Euro zone Business climate Nov
- 1200 Germany GfK consumer sentiment Dec
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
