TOKYO, July 5 (Reuters) – Benchmark TOCOM rubber futures inched lower on Tuesday after hitting a one-month high in the night session, hurt by a stronger yen against the dollar and an extended decline in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: fell 0.4 yen to 161.1 yen per kg by 0035 GMT, after settling up 5.7 yen, or 3.7 percent, on the back of sharp gains in Shanghai futures on Monday. The contract touched 164 yen in Monday’s evening session, which was the highest since June 1.
MARKET NEWS
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The U.S. dollar was quoted around 102.28 yen JPY= , compared with around 102.72 yen on Monday afternoon.
Japan’s benchmark Nikkei stock average .N225 was down 0.9 percent.
Brent oil prices extended declines on Tuesday after comments by Saudi Energy Minister Khaled Al-Faleh that the market was heading towards balance were tempered by slowing demand in Asia, pockets of gasoline oversupply and signs crude output could rise.
Metals prices dipped on Monday on hopes for China taking more action to stimulate its economy and on a weaker dollar outlook. MET/L
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0145 China Caixin services PMI Jun
0750 France Markit services PMI Jun
0755 Germany Markit services PMI Jun
0800 Euro zone Markit services PMI final Jun
0900 Euro zone Retail sales May
1345 U.S. ISM-New York index Jun
1400 U.S. Factory orders May
(Reporting by Osamu Tsukimori; Editing by Michael Perry)
