Tokyo rubber futures inch higher amid hopes of U.S. rate cut

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, June 6 (Reuters) –

– The Commodity Exchange () for November delivery inched higher on Thursday, tracking stronger Shanghai and global stocks’ rally, amid hopes of a rate cut by the U.S. .

– It was up 0.3 yen, or 0.2%, at 195.3 yen ($1.8) per kg as of 0029 GMT.

– Key Shanghai futures ended overnight trading up 0.1% at 12,040 yuan ($1,743) per tonne

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– Major global stock markets rose, while short-dated U.S. Treasury yields fell on Wednesday, on hopes that the U.S. central bank would cut interest rates and help boost a sluggish global economy.

– Japan’s benchmark Nikkei stock average was up 0.1% on Thursday.

– Fiat Chrysler said on Wednesday it was withdrawing its $35-billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world’s third-biggest .

– The U.S. dollar was quoted around 108.38 yen, compared with around 108.06 yen on Wednesday afternoon

– Oil prices fell on Wednesday, with West Texas Intermediate (WTI) dropping to its lowest since January after U.S. crude inventories unexpectedly surged, adding to concerns about slowing global growth.

– TOCOM’s technically specified (TSR) 20 futures contract for December delivery was up 0.4% at 163.5 yen per kg

($1 = 6.9084 Chinese yuan)

($1 = 108.3500 yen)

(Reporting by Yuka Obayashi; editing by Uttaresh.V)

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