TOKYO, May 17 (Reuters) – Benchmark TOCOM rubber futures dipped to a two-month low in early trade on Tuesday before recovering to be little changed, as an extended gain in oil prices provided little support.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: was trading down 0.3 yen at 171.7 yen per kg by 0040 GMT, after earlier touching 170.3 yen, the lowest since March 16.
The most-active rubber contract on the Shanghai futures exchange for September delivery SNRcv1 was unchanged at 11,265 yuan per tonne.
MARKET NEWS
The U.S. dollar was quoted around 108.95 yen JPY= , compared with 108.75 yen on Monday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.9 percent. MKTS/GLOB
Crude oil futures extended gains on Tuesday as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
– 1230 US Core CPI for April
– 1230 US Building Permits for April
– 1230 US Housing starts for April
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
