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

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TOKYO, June 6 (Reuters) –

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

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

fell on Wednesday, with West Texas Intermediate crude futures (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 rubber () 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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