TOKYO, July 8 (Reuters) – Benchmark TOCOM rubber futures extended declines into a fourth session on Friday, pressured by the continued decline in Shanghai futures and an overnight tumble in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: had fallen 1.7 yen to 151.1 yen per kg by 0024 GMT, after settling down 1.5 yen on Thursday.The market is set for a weekly decline of around 3 percent.
Shanghai futures SNRcv1 fell 1.8 percent in overnight trade amid persistent worries over excess supply and slack demand.
MARKET NEWS
The U.S. dollar was quoted around 100.87 yen JPY= , compared with around 100.95 yen on Thursday afternoon.
Japan’s benchmark Nikkei stock average .N225 was up 0.7 percent.
Copper slid to the lowest in over a week on Thursday as the dollar strengthened, oil prices fell and investors continued to be unsettled about the aftermath of the UK’s vote to leave the European Union.
Oil prices fell 5 percent to two-month lows on Thursday after the U.S.government reported a weekly crude draw within analysts’ forecasts that disappointed market bulls expecting larger declines.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0600 Germany Trade data May
0645 France Industrial output May
1230 U.S. Nonfarm payrolls Jun
1230 U.S. Unemployment rate Jun
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
