TOKYO, July 19 (Reuters) – Benchmark TOCOM rubber futures fell on Tuesday after being closed for a public holiday in the previous session, tracking declines in Shanghai futures the day earlier and overnight losses in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: fell 1.5 yen, or 0.9 percent, to 157.7 yen per kg by 0038 GMT, after settling up 2.3 yen on Friday.
TOCOM markets were closed on Monday for a national holiday.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.5 percent from the previous week, the exchange said on Friday.
MARKET NEWS
The U.S. dollar was quoted around 106.17 yen JPY= , compared with around 106.32 yen on Friday afternoon.
Japan’s benchmark Nikkei stock average .N225 was up 0.3 percent.
Copper edged higher on Monday on the back of a weaker dollar but gains were kept in check after lacklustre rises in Chinese home prices fuelled worries about demand in the world’s top metals consumer.
Oil prices eased in early Asian trade on Tuesday as concerns over a crude and fuel oil glut outweighed an expected cut in U.S. shale production and a likely further draw in U.S.crude stocks.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
- 0900 Germany ZEW Economic Sentiment July
- 1230 U.S. Building permits, housing starts June
- 1255 U.S. Redbook weekly
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
