TOKYO, March 25 (Reuters) – Benchmark TOCOM rubber futures edged higher in thin trade on Friday, helped by buying on position adjustments ahead of the expiration of the near-month contract later the day. But futures were headed for a weekly loss amid nagging concerns about oversupply.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was up 0.4 yen, or 0.2 percent, at 175.5 yen ($1.55) per kg as of 0116 GMT, after falling 2.4 yen to end at a one-week low. For the week, it was on track to mark a 1.9-percent loss. RUB/T
The TOCOM March contract is set to expire on Friday.
Indonesian government agencies and state owned companies will buy 500,000 tonnes of domestically produced rubber to help support prices, the government said on Thursday as it launched a replanting programme.
MARKET NEWS
The U.S. dollar posted its largest one-day percentage gain in nearly two weeks, rising 0.4 percent against the Japanese currency JPY= . FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.6 percent in Friday trade, despite a fall in global equity markets the previous day after another U.S. Federal Reserve official talked of higher U.S.interest rates before long.
Oil prices steadied on Thursday, paring losses after a renewed drop in U.S. oil rigs, but analysts and traders said there could be another selloff in the coming week if U.S.crude stockpiles hit record highs again.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
1230 U.S. GDP final Q4
($1 = 113.1500 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
