TOKYO, July 26 (Reuters) – Benchmark TOCOM rubber futures dropped to a near two-week low on Tuesday, extending losses into a third session, as a higher yen, weaker oil prices and an overnight fall in Shanghai futures weighed on prices.
FUNDAMENTALS
The Tokyo Commodity Exchange (TOCOM) rubber contract for new January delivery JRUc6 0#2JRU: was at 155.0 yen ($1.47) per kg as of 0053 GMT, down 2.0 yen, or 1.3 percent. It earlier touched a low of 154.5 yen, the weakest since July 14.
The most-active rubber contract on the Shanghai futures exchange for September delivery SNRcv1 fell 120 yuan to 11,100 yuan per tonne in overnight trade.
The TOCOM July contract expired at 188.1 yen on Monday.
MARKET NEWS
The yen pushed higher to 105.26 per dollar JPY= on Tuesday amid uncertainty as to what the Bank of Japan may offer at its policy meeting on Friday.
Oil prices fell more than 2 percent on Monday, with U.S.crude hitting a three-month low, on concerns that a global glut of crude and refined products would pressure markets, delaying a long-anticipated rebalance in the market.
Japan’s benchmark Nikkei stock average (XC0009692440) fell 0.9 percent in Tuesday trade after Wall Street ended Monday with a mild loss.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
1300 U.S. S&P/Case Shiller home price index May
1345 U.S. Markit flash PMI July
1400 U.S. New home sales June
1400 U.S. Conference Board consumer confidence index July Federal Open Market Committee starts two-day policy meeting
($1 = 105.0900 yen)
(Reporting by Yuka Obayashi; Editing by Ed Davies)
