TOKYO, Oct 25 (Reuters) – Key TOCOM rubber futures rose 2 percent on Thursday on signs that China’s economy is making a gradual recovery and as the yen stayed near a three-month low.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for March delivery <0#2JRU:> was up 2 percent, or 5 yen, at 256.3 yen per kg as of 0100 GMT.
* The economy of top rubber consumer China is making a slow, steady recovery from its weakest period of growth in three years, with new orders and output at their highest in months, a survey of purchasing managers showed on Wednesday.
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* Bridgestone Corp, the world’s biggest tyre maker, said on Wednesday it plans to invest about 267 million euros ($346 million) to triple production capacity at its tyre plant in Hungary to about 18,000 tyres per day.
MARKET NEWS
* The dollar was up 0.1 percent at 79.87 against the yen to hover near its highest since early July at 80.02, touched on Tuesday.
* Oil steadied after falling for a fifth straight session on Wednesday as rising U.S. crude inventories and weak euro zone economic data offset supportive signs that Chinese petroleum demand could stage a recovery.
* Japan’s Nikkei average opened little changed.
DATA EVENTS
* The following data is expected on Thursday:
0800 Euro zone M3 money supply Sep
0830 UK Preliminary Q3 GDP
1230 U.S. Durable goods orders Sep
1230 U.S. Weekly jobless claims
1230 U.S. Chicago Fed National Activity index Sep
1400 U.S. Pending home sales Sep
(Reporting by Yuko Inoue; Editing by Joseph Radford)
Source: Reuters
