TOKYO, April 7 (Reuters) – Benchmark TOCOM rubber futures extended declines on Thursday, as the dollar traded near a 17-month trough against the yen on bets the Bank of Japan would not intervene to halt the yen’s rally.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery JRUc6 0#2JRU: fell 0.4 yen to 180.2 yen per kg by 0031 GMT, after settling down 0.2 yen on Wednesday. The contract hit a seven-and-a-half month high of 188.4 yen on Wednesday.
MARKET NEWS
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The U.S. dollar was trading around 109.60 yen JPY= , compared with around 110.51 yen on Wednesday evening. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.6 percent. MKTS/GLOB
Aluminium prices dropped to their lowest level in nearly a week on Wednesday as worries grew that Chinese smelters are restarting output, adding to a global supply glut.
Oil prices extended gains on Thursday after jumping 5 percent the day before, their biggest advance in three weeks, after the U.S.government reported a surprise draw in domestic crude stockpiles.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0645 France Trade data Feb
1230 U.S. Weekly jobless claims
1900 U.S. Consumer credit Feb
2130 Federal Reserve Chair Janet Yellen participates in a conversation with current and former Federal Reserve chairmen
(Reporting by Osamu Tsukimori; Editing by Himani Sarkar)
