TOKYO, July 12 (Reuters) – Benchmark TOCOM rubber futures edged higher on Tuesday, buoyed by increased risk appetite after the dollar posted its largest one-day gain against the safe-haven yen since 2014 and the Tokyo stock market extended gains following a rise on Wall Street. A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was up 0.5 yen, or 0.3 percent, at 150.8 yen ($1.47) per kg as of 0049 GMT, after snapping a 4-day losing streak the previous day. RUB/T
Crude rubber inventories at Japanese ports stood at 11,585 tonnes as of June.
20, down 1.7 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Monday.
MARKET NEWS
The U.S. dollar rose to a 10-day high against the safe-haven yen JPY= of 102.89 yen, climbing more than 2 percent, following Abe’s call for more stimulus. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) surged more than three percent in Tuesday trade, after the U.S. benchmark S&P 500 stock index set record intraday and closing highs the previous day as last week’s strong monthly U.S.jobs report worked its way into financial markets.
Oil prices fell more than 1 percent on Monday, hitting two-month lows on extended selling after the market’s break below a key technical support level last week due to oversupply fears. O/R
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0600 Germany Wholesale prices June
0600 Germany Consumer prices June
1200 India Industrial output May
1200 India Consumer prices June
1400 U.S. Wholesale inventories May
1400 U.S. Job openings and labor turnover survey May
($1 = 102.6500 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
