TOKYO, May 12 (Reuters) – Benchmark TOCOM rubber futures edged lower on Thursday, coming under pressure from a stronger yen against the dollar, while an overnight jump in oil prices did not offer much support.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for October delivery JRUc6 0#2JRU: fell 1.7 yen to 179.5 yen per kg by 0041 GMT, staying near a one-month low hit on Tuesday.
MARKET NEWS
The U.S. dollar was quoted around 108.33 yen JPY= , compared with around 108.66 yen on Wednesday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was down 0.9 percent. MKTS/GLOB
Oil jumped on Wednesday, with Brent up more than 4 percent for a second day in a row, after the U.S.government unexpectedly said crude inventories fell the first time since March, adding to concerns over supply outages in Canada and Nigeria.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
– 0600 Germany Wholesale price index Apr
– 0900 Euro zone Industrial output Mar
– 1100 Bank of England interest rate decision
– 1230 U.S. Import prices Apr
– 1230 U.S. Export prices Apr
– 1230 U.S. Weekly jobless claims
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
