TOKYO, April 15 (Reuters) – Benchmark TOCOM rubber futures edged higher on Friday as hopes of a pickup in demand in China outweighed profit-taking ahead of the weekend, putting it on track for a weekly gain of a nearly nine percent to end at near the 8-month high hit earlier the week.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery JRUc6 0#2JRU: was up 0.5 yen, or 0.3 percent, at 192.3 yen ($1.75) per kg as of 0100 GMT, after falling 0.8 percent the previous day. RUB/T For the week, it was headed for a 8.9 percent rise, which would be the biggest gain in six weeks.
China’s data on first-quarter GDP and industrial output for March are due to be published later on Friday and many investors are hopeful after strong trade numbers on Wednesday.
The atmosphere among oil producers is positive ahead of the meeting in Doha on April 17 to discuss an output freeze designed to prop up prices, Qatar’s energy ministry said in a brief statement on Thursday.
MARKET NEWS
Oil markets closed lower after a choppy session on Thursday as the market processed a mixed report from the International Energy Agency and scepticism that an upcoming meeting of major producers would do much to tighten the supply demand balance.
The U.S. dollar tacked on 0.1 percent against its Japanese counterpart to 109.52 yen JPY= , on track to gain 1.4 percent for the week and moving away from this week’s 17-month nadir of 107.63. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was off to a subdued start on Friday as caution towards a weekend meeting of oil producers tempered risk sentiment. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0200 China GDP Q1 0200 China Industrial output Mar
0200 China Retail sales Mar
0200 China Urban investment Mar
0900 Euro zone Eurostat trade Feb
1230 U.S. New York Fed manufacturing Apr
1315 U.S. Industrial output Mar
1400 U.S. Univ of Michigan sentiment index Apr
($1 = 109.6500 yen)
(Reporting by Yuka Obayashi; Editing by Michael Perry)
