TOKYO, May 26 (Reuters) – New benchmark TOCOM rubber futures climbed on Thursday on the back of overnight gains in oil prices and as investors looked for bargains after a sharp fall in the rubber market over the past month.
FUNDAMENTALS
The new Tokyo Commodity Exchange rubber contract, for November delivery JRUc6 0#2JRU: , had climbed 1.6 yen, or 1.0 percent, to 158.2 yen ($1.44) per kg from an opening price of 156.6 yen by 0038 GMT, after falling 0.8 percent the previous day. RUB/T
Confidence at Japanese manufacturers tumbled to a three-year low in May and is seen recovering only modestly in the next three months, a Reuters poll found, in a sign the yen’s rise is taking its toll on exporters of cars and electronics.
European Union officials and diplomats launched a round of confidential discussions this week to prepare a coordinated response to a possible British vote to leave the bloc next month, EU sources told Reuters on Wednesday.
MARKET NEWS
Oil prices inched towards $50 a barrel in early Asian trade on Thursday, after U.S.government figures showed a sharper-than-expected drawdown of crude stocks last week as imports dropped.
Japan’s benchmark Nikkei stock average .N225 was up 0.7 percent in Thursday trade, after U.S. S&P 500 Index .SPX rose to 2,091, its highest in almost a month and near its six-month intraday high of 2,111. MKTS/GLOB
The U.S. dollar was quoted around 109.71 yen JPY= early on Thursday, after touching a high of 110.45 yen the previous day. FRX/
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
1230 U.S. Durable goods orders Apr
1230 U.S. Weekly jobless claims
1400 U.S. Pending homes sales Apr
($1 = 109.7300 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
