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TOKYO, Dec 2 (Reuters) – Benchmark TOCOM rubber futures hit a 6-week high on Wednesday, helped by an overnight jump in Shanghai futures and as investors unwound short positions on the view that prices may be bottoming out.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: had risen 3.5 yen, or 2.1 percent, to 167.6 yen ($1.36) per kg by 0043 GMT, hitting the highest since Oct.23.
The most-active rubber contract on the Shanghai Futures Exchange, for May delivery SNRcv1, soared 335 yuan to 10,450 yuan ($1,633.20) per tonne in overnight trade.
U.S.manufacturing contracted in November for the first time in three years as the sector buckled under the weight of a strong dollar and deep spending cuts by energy firms, but robust automobile sales suggested the economy remained on solid ground.
Manufacturing activity in China hit a three-year low in November, an industry survey showed Tuesday, supporting the case for more accommodative policies as authorities seek to prop up growth in the world’s second largest economy.
MARKET NEWS
Japan’s benchmark Nikkei stock average (XC0009692440) edged lower in Wednesday trade after downbeat U.S.manufacturing data raised concerns about the health of the world’s biggest economy, while the dollar retreated from 8-1/2-month highs.
Crude prices dipped in early Asian trading hours on Wednesday as U.S.stockpiles rose against expectations, compounding a glut that is seeing hundreds of thousands barrels of oil being produced every day in excess of demand.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
- 1000 Euro zone Consumer prices Nov
- 1000 Euro zone Producer prices Oct
- 1315 U.S. ADP national employment Nov
- 1445 U.S. ISM-New York index Nov
($1 = 122.8800 yen)
($1 = 6.3985 Chinese yuan renminbi)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
