TOKYO, May 16 (Reuters) – Benchmark TOCOM rubber futures hit a near two-month low on Monday after Chinese data on factory output and new loans softened in April, increasing concerns over demand from the world’s top consumer.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for October delivery JRUc6 0#2JRU: had fallen 0.7 yen to 172.4 yen per kg by 0042 GMT, after settling down 9.8 yen on Friday.
The benchmark contract hit 171 yen earlier, the lowest since March 17.
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China’s investment, factory output and retail sales all grew more slowly than expected in April, adding to doubts about whether the world’s second-largest economy is stabilising.Growth in factory output cooled as did fixed-asset investment, both undershooting expectations.
MARKET NEWS
The U.S. dollar was quoted around 108.77 yen JPY= , compared with around 108.72 yen on Friday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.7 percent.
London copper hovered near its weakest since February on Monday after several gauges of China’s economy such as factory output and new loans softened in April, increasing concerns over demand prospects for industrial metals.
Oil slipped on Friday on a stronger dollar and as investors cashed in on a three-day rally, but prices still ended the week higher after production in Nigeria fell to its lowest in two decades and wildfires slashed output from Canada’s oil sands. O/R
DATA/EVENTS (GMT)
The following data is expected on Monday: (Time in GMT)
1230 U.S. New York Fed manufacturing May
1400 U.S. NAHB housing market index May
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
