TOKYO, March 4 (Reuters) – Benchmark TOCOM rubber futures hit a 2-1/2 month high on Friday, extending gains into a fourth straight day on a broader recovery in commodity prices, putting them on track for their biggest weekly gain in about 10 months.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was up 4.8 yen, or 2.9 percent, at 169.5 yen ($1.49) per kg as of 0040 GMT. It earlier touched a peak of 169.7 yen, the highest since Dec.22.
For the week, it was headed for a nearly 9 percent increase, the biggest gain since May last year.
U.S.non-farm payrolls are estimated to have risen by 190,000 last month after increasing by 151,000 in January, according to a Reuters poll of economists.
A raft of China data in coming weeks is expected to point to a further loss of momentum in the world’s second-largest economy, reinforcing expectations Beijing will unveil more support measures in coming months, a Reuters’ poll of economists showed.
MARKET NEWS
Copper prices hit their highest in more than three months on Thursday, boosted by gains for equities, increased confidence in global growth prospects and a lower dollar.
Oil prices were largely steady in volatile trade on Thursday as growing record U.S.stockpiles muted a three-day rally inspired by OPEC plans for a production freeze, strengthening analysts’ arguments the market has risen too much, too fast from 12-year lows.
The U.S. dollar was effectively unchanged at 113.71 yen JPY= after being nudged off the previous day’s high of 114.28. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was down 0.2 percent in Friday trade after world stock markets touched a two-month high the previous day, fuelled by gains in emerging markets and a late rally on Wall Street. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
- 1330 U.S. Nonfarm payrolls Feb
- 1330 U.S. Unemployment rate Feb
- 1330 U.S. International trade Jan
($1 = 113.6100 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
