TOKYO, July 20 (Reuters) – Benchmark TOCOM rubber futures rose in Tokyo in early trading on Wednesday, following oil prices higher and ignoring a drop in regional stock markets.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was up 1.1 yen, or 0.7 percent, at 159.3 yen per kg by 0048 GMT, after rising to as high as 159.6 yen.
Sumitomo Rubber Industries will invest about 15 billion yen ($141.5 million) to strengthen tire production capacity in Brazil, the Nikkei newspaper reported on Wednesday.
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MARKET NEWS
The dollar traded at 106.16 yen JPY= after touching a one-month high of 106.53 overnight. The euro was steady at $1.1012 EUR= after slipping to a three-week trough of $1.1000. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) was down more than 100 points, or 0.6 percent in Wednesday trade, MKTS/GLOB
Copper also fell, amid a mixed bag for commodities, down slightly at $4,980 a tonne. MET/L
Crude oil prices prices were up slightly after a bigger than expected draw on U.S.stockpiles.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
1200 Euro Zone Consumer Confidence Flash for July
2100 Japan Reuters Tankan July
2100 RBI New Zealand releases economic assessment
($1 = 106.0400 yen)
(Reporting by Aaron Sheldrick; Editing by Richard Pullin)
