TOKYO, Dec 3 (Reuters) – Benchmark TOCOM rubber futures headed lower for the first time in three sessions on Thursday, pressured by a steep decline in overnight oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: had fallen 1.4 yen to 166.9 yen per kg by 0052 GMT, after settling up 4.2 yen on Wednesday.
The benchmark contract, which stood 9 percent above a six-year low of 153 yen marked on Nov. 6, dropped from a six-week peak hit on Wednesday.
China will sign agreements to build a railway in Thailand and buy some of its rice and rubber, senior Thai government officials said on Wednesday.
The two will sign a deal for China to buy 200,000 tonnes of rubber from Thailand, said Thai Commerce Minister Apiradi Tantraporn.
Activity in China’s services sector expanded at a slower pace in November, a private survey showed on Thursday, as new orders weakened.
The Caixin/Markit Purchasing Managers’ Index dropped to 51.2 in November from a MARKET NEWS
U.S. crude prices were hovering just above $40 in early Asian trading on Thursday, after dropping more than 4 percent a day earlier, on an unexpected rise in U.S.stockpiles that is compounding a global supply glut.
The U.S. dollar was quoted around 123.27 yen JPY= , compared with around 123.03 yen on Wednesday afternoon.
Japan’s benchmark Nikkei stock average .N225 was down 0.2 percent. MKTS/GLOB
London copper slipped on Thursday, facing headwinds from ebbing demand growth in top consumer China and a steadily strengthening U.S.dollar.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
– 0145 China Caixin services PMI Nov
– 0850 France Markit services PMI Nov
– 0855 Germany Markit services PMI Nov
– 0900 Euro zone Markit services PMI Nov
– 1000 Euro zone Retail sales Oct
– 1245 European Central Bank announces policy meeting outcome
– 1330 U.S. Weekly jobless claims
– 1500 U.S. Factory orders Oct
– 1500 U.S. ISM non-manufacturing PMI Nov
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
