TOKYO, April 20 (Reuters) – Benchmark TOCOM rubber futures rose to a one-week high on Wednesday, extending gains into a second session on the back of a jump in prices of oil and other commodities including copper and iron ore.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery JRUc6 0#2JRU: was up 4.0 yen, or 2.1 percent, at 193.9 yen ($1.78) per kg as of 0044 GMT, after hitting a high of 194.7 yen, its strongest since April 13. It climbed 1.3 percent the previous day. RUB/T
Kuwaiti oil and gas workers have ended a three-day strike that had temporarily cut the OPEC member’s crude production by nearly half, the trade union said in a statement posted on its Twitter account.
As far as Venezuelan oil minister Eulogio Del Pino is concerned, his counterpart Ali al-Naimi, the world’s most influential oil official for the past two decades, is no longer the voice of authority for Saudi Arabia.
MARKET NEWS
Oil prices jumped more than 3 percent on Tuesday.
Copper prices rose to a three-week high on Tuesday, reversing earlier losses after weak U.S.data pushed the dollar lower and reinforced growing optimism over stronger demand from top consumer China.
On the Dalian Commodity Exchange, September iron ore DCIOcv1 climbed for a second day on Tuesday.
The yen nursed broad losses early on Wednesday as demand for the safe-haven currency waned after U.S.stocks came within reach of a record high.
The dollar was back above 109.00 yen JPY= , pulling away from Monday’s trough of 107.75. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.9 percent in Wednesday trade, after a global stock index hit its highest level since early December as signs of economic stabilization in China lifted demand for riskier assets. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
0600 Germany Producer prices Mar
1400 U.S. Existing home sales Mar
($1 = 109.1000 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
