TOKYO, May 13 (Reuters) – Benchmark TOCOM rubber futures fell more than 3 percent to a five-week low on Friday, hurt by a sharp overnight drop in Shanghai futures amid lingering worries over Chinese demand.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for October delivery JRUc6 0#2JRU: fell 6 yen to 176.9 yen per kg by 0014 GMT, after touching 176.5 yen, the lowest since April 8. The benchmark contract is set to post a weekly decline of nearly 4 percent, falling for a third week in a row.MARKET NEWS
The U.S. dollar was quoted around 109.05 yen JPY= , compared with around 109.17 yen on Thursday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.4 percent. MKTS/GLOB
Copper slid to the weakest levels in 2-1/2 months on Thursday on worries about global demand for industrial metals after worse-than-expected data on U.S.jobs and European industrial output.
Oil prices rose 1 percent in volatile trade on Thursday, with U.S. crude hitting six-month highs as investors weighed a forecast for tighter global supplies against signs of another storage build at the hub for U.S.crude futures.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
– 0600 Germany GDP flash Q1
– 0900 Euro zone GDP flash Q1
– 1230 U.S. Retail sales Apr
– 1400 U.S. Business inventories Mar
– 1400 U.S. Univ of Michigan sentiment index May
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
