TOKYO, June 3 (Reuters) – Benchmark TOCOM rubber futures inched higher on Friday, helped by short-covering after the market bounced off support at 156 yen the previous day, but it was still on track for a sixth straight weekly loss.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was up 0.6 yen, or 0.4 percent, at 158.3 yen ($1.45) per kg as of 0058 GMT, after recovering from a 1-week low the previous day.
For the week, it was on track for a loss of more than two percent, falling for a sixth week in a row, its longest losing streak since July last year.
OPEC failed to agree a clear oil-output strategy on Thursday as Iran insisted on steeply raising its own production, though Tehran’s arch-rival Saudi Arabia promised not to flood the market and sought to mend fences within the organisation.
Data on Thursday showed U.S.private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter.
Market consensus is for the U.S.economy to have created 164,000 jobs in May, little changed from April.
MARKET NEWS
Oil prices edged higher on Thursday, with Brent settling above $50 a barrel the first time in seven months, after the latest drawdown in U.S.crude stockpiles offset OPEC’s failure to set a ceiling for its output.
The U.S. dollar was quoted around 108.99 yen JPY= early on Friday, after hitting a two-week low of 108.525 the previous day. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.5 percent in Friday trade, after tumbling 2.3 percent the previous day on the firmer yen. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0750 France Markit services PMI May
0755 Germany Markit services PMI May
0800 Euro zone Markit service PMI final May
0900 Euro zone Retail sales Apr
1230 U.S. Nonfarm payrolls May 1230 U.S. Unemployment rate May
1230 U.S. International trade Apr 1400 U.S. Factory orders Apr
1400 U.S. ISM non-manufacturing PMI May
($1 = 108.9500 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
