TOKYO, Oct 26 (Reuters) – Key TOCOM rubber futures were firmer on Friday, extending gains after spiking more than 3 percent in the previous session, as the yen hovered at four-month lows against the U.S. dollar, improving interest in the yen-denominated commodity.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for April delivery <0#2JRU:>, which debuted on Friday, was quoted at 262.3 yen per kg at 0035 GMT. The previous benchmark March contract was up 0.4 yen at 260.8 yen.
* Ford motor Co unleashed a second volley of European job cuts and plant closures on Thursday in a bid to halt regional losses that the automaker now expects to surpass $3 billion over two years.
MARKET NEWS
* The yen languished at four-month lows versus the dollar, on track for a second week of losses as markets geared up for the Bank of Japan to ease policy next week.
* U.S. crude futures rose on Thursday in choppy trading, snapping a string of five lower settlements, boosted by supportive UK economic data and a rally by refined products futures on concerns about Hurricane Sandy affecting refineries on the East Coast.
* Japan’s Nikkei share average eased slightly at Friday’s open after Apple Inc’s disappointing results. U.S. stocks eked out small gains on Thursday.
DATA EVENTS
The following data is expected on Friday:
– 1930 U.S. CFTC commitment of traders data Weekly
– 1230 U.S. GDP Q3
– 1930 U.S. CFTC commitment of traders data Weekly
0800- European Central Bank Executive Board Member Peter Praet to give keynote speech at an event entitled “The Effect of Tighter Regulatory Requirements on Bank Profitability and Risk-Taking Incentives” organised by Bocconi University.
(Reporting by Yuko Inoue)
Source: Reuters
