TOKYO, Dec 25 (Reuters) – Benchmark TOCOM rubber futures was steady in thin trade on Friday as firmer oil prices were offset by the yen’s rise to a 2-month high against the U.S.dollar, but it was headed for the first weekly gain in three weeks.
A stronger Japanese currency makes yen-denominated assets expensive for holders of other currencies. FRX/
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: was down 0.3 yen at 164.5 yen per kg by 0023 GMT, after dipping more than two percent the previous day. For the week, it was on track to book a 1.3 percent gain.RUB/T
Japan’s core consumer prices edged up in November from a year earlier after three straight months of declines, data showed on Friday, as broadening price increases for food and grocery items offset some of the pressure from slumping energy costs.
Business confidence among China’s entrepreneurs and bankers dipped in the fourth quarter of 2015 from the third, according to surveys by the People’s Bank of China published on Thursday. urn:newsml:reuters.com:
MARKET NEWS
The U.S.dollar hit a near two-month low against the yen.
It was last down 0.5 percent at 120.27 yen JPY= .
Oil edged further above $38 a barrel on Thursday before retreating as it remained within sight of an 11-year low reached this week, as traders put positions in order ahead of an expected week of low liquidity ahead.
Japan’s benchmark Nikkei stock average (XC0009692440) inched lower in Friday trade, after Wall Street dipped modestly. MKTS/GLOB
(Reporting by Yuka Obayashi; Editing by Shri Navaratnam)
