TOKYO, March 3 (Reuters) – Benchmark TOCOM rubber futures hit a 5-week high on Thursday, extending gains into a third day as upbeat data on U.S.jobs and broader gains in commodities boosted appetite for risk.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was up 2.0 yen, or 1.2 percent, at 163.7 yen ($1.44) per kg as of 0111 GMT.It earlier touched its highest since Jan. 26 at 164.0 yen.
U.S.private employers added 214,000 jobs in February, above economists’ expectations, suggesting solid job growth despite market turmoil and worries about a slowing global economy, a report by a payrolls processor showed on Wednesday.
China plans to target broad-based money supply growth of around 13 percent this year, sources said, a signal that further monetary policy easing is likely during a painful economic restructuring that could see millions of workers losing jobs. T
MARKET NEWS
Oil prices ended up for a third straight day on Wednesday as buyers shrugged off record high U.S.crude stockpiles to focus on an OPEC plan to freeze production, keeping alive the notion that market has bottomed from a near two-year selloff.
Copper, aluminium and zinc hit their highest levels in several months on Wednesday, bolstered by optimism that global growth will pick up and as speculators chased the rally. MET/L
Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.1
percent in early Thursday trade after surging to a more than three-week high the previous day. .T
The U.S. dollar was back near 113.50 yen JPY= in early
Thursday after losing grip of a two-week high of 114.56. FRX/
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0145 China Caixin services PMI Feb
0850 France Markit services PMI Feb
0855 Germany Markit services PMI Feb
0900 Euro zone Markit services PMI final Feb
1000 Euro zone Retail sales Jan
1330 U.S. Weekly jobless claims
1500 U.S. ISM non-manufacturing PMI Feb
($1 = 113.6300 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
