TOKYO, June 28 (Reuters) – Benchmark TOCOM rubber futures fell on Tuesday, giving up some of the gains from the previous session, as an overnight slide in oil and weaker Tokyo equities dampened market sentiment.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was down 2.0 yen, or 1.3 percent, at 152.1 yen ($1.50) per kg as of 0041 GMT, after rising three percent the previous day.
Britain’s vote last Thursday to leave the European Union continued to reverberate through financial markets on Monday, with the pound falling to its lowest in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook.
MARKET NEWS
Crude tumbled nearly 3 percent on Monday, with Brent hitting seven-week lows, as a rallying dollar and market uncertainty over Britain’s shocking vote to exit the European Union threatened to sap more strength from oil’s rebound this year. O/R
Japan’s benchmark Nikkei stock average (XC0009692440) dropped 1.8 percent in Tuesday trade, after major U.S.stock indexes recorded their worst two-day drop in about 10 months.
The U.S. dollar fetched 101.99 yen JPY= on Tuesday, having on Friday broken below 100.00 for the first time since late 2013.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0600 Germany Import prices May
0645 France Consumer confidence Jun
1230 U.S. GDP Final Q1
1300 U.S. S&P/Case-Shiller housing index Apr
1400 U.S. Consumer confidence Jun
($1 = 101.7100 yen)
(Reporting by Yuka Obayashi; Editing by Ed Davies)
