SINGAPORE, Dec 29 (Reuters) – Benchmark TOCOM rubber futures dropped to a one-month low on Tuesday, stretching their losses into a fourth consecutive session as slowing demand from top consumer China continued to pressure prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: fell as much as 4.3 yen to 155.7 yen per kg by 0142 GMT, lowest since Nov.25.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.4 percent from the previous week, the exchange said on Friday.
MARKET NEWS
The Canadian dollar struggled near an 11-year low against the greenback on Tuesday as crude oil prices resumed their slide, weighing on commodity currencies. FRX/
Asian stocks were subdued on Tuesday, with Japanese and South Korean equities slipping, after crude oil prices resumed their slide and cooled investor sentiment.
Japan’s benchmark Nikkei stock average .N225 lost 0.3 percent. MKTS/GLOB
Shanghai aluminium slid nearly 3 percent on Monday to its lowest in more than one week as a lack of further production cuts in China pressured prices.
Crude oil futures came under pressure as fears of slowing demand added to near-record global production, which has already slashed prices by two-thirds since the middle of last year. O/R
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
- 1400 U.S. CaseShiller 20 YY Oct USSHPQ=ECI
- 1400 U.S. CaseShiller 20 MM SA Oct USSHPN=ECI
- 1400 U.S. CaseShiller 20 MM NSA Oct USSHP=ECI
- 1500 U.S. Consumer confidence Dec USCONC=ECI
- 2030 U.S. API weekly crude stocks Weekly USOIAC=ECI
- 2030 U.S. API weekly dist. stocks Weekly USOIAD=ECI
- 2030 U.S. API weekly gasoline stk Weekly USOIAG=ECI
(Reporting by Naveen Thukral; Editing by Himani Sarkar)
