TOKYO, July 28 (Reuters) – Benchmark TOCOM rubber futures fell on Thursday as the complex came under pressure from a tumble in oil prices and a stronger yen against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: fell 0.9 yen to 155.6 yen per kg by 0024 GMT, after settling up 2.8 yen on Wednesday.
The most-active rubber contract on the Shanghai futures exchange for September delivery SNRcv1 slipped 45 yuan to 11,160 yuan per tonne.
MARKET NEWS
The U.S. dollar slipped to 104.81 yen JPY= from around 105.65 yen on Wednesday afternoon on growing expectations the Bank of Japan won’t deliver the stimulus investors are looking for this week. FRX/
Japan’s benchmark Nikkei stock average .N225 was down 1.2 percent. MKTS/GLOB
Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S.crude and gasoline stocks surged on weak demand during the peak summer driving season.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
– 0755 Germany Unemployment rate Jul
– 0900 Euro zone Business climate Jul
– 1200 Germany Consumer prices Jul
– 1230 U.S. Weekly jobless claims
– 1230 U.S. Advance goods trade balance Jun
(Reporting by Osamu Tsukimori; Editing by Ed Davies)
