TOKYO, Feb 25 (Reuters) – Benchmark TOCOM rubber futures bounced back on Thursday after an overnight rally in oil prices and a fall in the yen against the dollar helped improve market sentiment.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was up 1.3 yen, or 0.8 percent, at 155.5 yen ($1.39) per kg as of 0035 GMT, after snapping a three-day winning streak the previous day. RUB/T
Venezuela has talked with Russia, Saudi Arabia and Qatar to plan a mid-March meeting of OPEC and non-OPEC producers keen to adhere to this month’s deal to freeze production, the South American country’s Oil Minister said on Tuesday.
If you were to pick one thing that would do the most to help embattled commodity producers around the world, dealing with China’s massive over-capacity would probably rank highest.
MARKET NEWS
Oil rallied as much as 3 percent on Wednesday with Brent prices helped by news of stalled loadings for the United Kingdom’s North Sea oil while U.S.crude futures rose after strong demand for gasoline offset worries about record high crude inventories.
The U.S. dollar was quoted around 112.07 yen JPY= early on Thursday, after the yen gained overnight as oil prices and British exit fears drove interest in the currency. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) rose 0.7 percent in Thursday trade after a sharp rebound in crude prices lifted stocks on Wall Street the previous day at the close. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0700 Germany GfK consumer sentiment Mar
0930 Britain GDP 2nd release Q4
1000 Euro zone Inflation final Jan
1330 U.S. Durable goods orders Jan
1330 U.S. Weekly jobless claims
1400 U.S. Monthly home price index Dec
($1 = 112.0600 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
