TOKYO, March 10 (Reuters) – Benchmark TOCOM rubber futures edged up on Thursday, tracking strong gains in oil prices overnight and a weaker yen against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: had risen 0.9 yen to 173.7 yen per kg by 0013 GMT, after settling down 4.7 yen, or 2.6 percent, on Wednesday.
The market has recovered about 20 percent after hitting a near-seven year low of 144.5 yen in mid-January, getting support from Asian producers curbing exports to lift prices and the wintering season, when latex output drops.
MARKET NEWS
The U.S. dollar was quoted around 113.28 yen JPY= , compared with around 112.47 yen on Wednesday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 1 percent.
Copper, zinc and other base metals rebounded on Wednesday as speculators piled back into the market on hopes more production cuts would lead to shortages and that top metals consumer China would introduce more economic stimulus measures.
Oil prices rose as much as 5 percent on Wednesday, with U.S.crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand overshadowed growing record high crude stockpiles.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0130 China Consumer prices Feb
0130 China Producer prices Feb
0700 Germany Trade data Jan
0745 France Industrial output Jan
1245 European Central Bank interest rate announcement
1330 U.S. Weekly jobless claims
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
