TOKYO, March 31 (Reuters) – Benchmark TOCOM rubber futures dipped on Thursday, weighed down by profit-taking and weaker oil prices, but remained within a tight range of 175-180 yen as investors waited for U.S.job data and a survey on China’s manufacturing activity.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery JRUc6 0#2JRU: was down 0.9 yen, or 0.5 percent, at 176.6 yen per kg as of 0043 GMT, after rising 0.3 percent the previous day. RUB/T
While property prices in top-tier Chinese cities are booming, prices in smaller cities, where most of China’s urban population lives, are sill sinking, complicating government efforts to spread wealth more evenly and arrest slowing economic growth.
MARKET NEWS
Oil futures fell in early Asian trade on Thursday amid renewed worries of global oversupply after official data showed U.S.crude inventories rose last week to a record for the seventh time in a row.
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.4 percent in Thursday trade, taking early cues from Wall Street gains overnight, as receding worries of near-term U.S.interest rate hikes continued to buoy risk sentiment.
The U.S. dollar dipped 0.1 percent to 112.36 yen JPY= early on Thursday. FRX/
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0600 Germany Retail sales Feb
0645 France Consumer spending Feb
0755 Germany Unemployment rate Mar
0830 Britain GDP Q4
0900 Euro zone Inflation Mar
1230 U.S. Weekly jobless claims
1345 U.S. Chicago PMI Mar
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
