TOKYO, Dec 22 (Reuters) – Benchmark TOCOM rubber futures rose on Tuesday, extending gains from the previous day to hit a fresh 1-week high on position adjustments, but rises may be capped by a dive in oil prices to 11-year lows.
FUNDAMENTALS
The new Tokyo Commodity Exchange rubber contract for June delivery 0#2JRU: climbed 1.1 yen, or 0.7 percent, to 169.4 yen ($1.40) per kg from an opening price of 168.3 yen.
On a continuation basis, the rubber benchmark JRUc6 touched a high of 169.9 yen, the highest since Dec.14.
It rose 2.5 percent the previous day.
The December contract expired at 148.5 yen on Monday.
China’s imports and exports of rubber in November 2015 and the first 11 months of the year as reported in official customs figures. TOCOM will be closed on Wednesday for national holiday inJapan.
MARKET NEWS
Brent oil cratered to its lowest price in more than 11 years on Monday, as demand for heating oil slumped on warmer-than-normal temperatures and traders tested for a bottom.
The yen dipped 0.1 percent against the greenback at 121.03 yen JPY= early on Tuesday. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was down 0.3 percent in Tuesday trade after Wall Street ended higher the previous day as investors went shopping after two days of sharp declines. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0700 Germany GfK consumer sentiment Jan
0700 Germany Import prices Nov
1330 U.S. GDP Final Q3
1400 U.S. Monthly home price index Oct
1500 U.S. Existing home sales Nov
($1 = 121.1300 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
