TOKYO, Aug 4 (Reuters) – Benchmark TOCOM rubber futures recovered from three-week lows on Thursday on the back of firm crude prices, but the gains were limited by weak Shanghai futures.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: rose 0.4 yen to 153.4 yen ($1.52) per kg by 0150 GMT, after settling down 1.1 yen on Wednesday.
The contract hit a low of 152.2 yen in overnight trading, the lowest since July 12.
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 was down 85 yuan at 12,670 yuan ($1,910.38) per tonne.
MARKET NEWS
The U.S. dollar was quoted around 101.09 yen JPY= , steady from Wednesday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was down 0.1 percent. MKTS/GLOB
Oil prices jumped more than 3 percent on Wednesday, with U.S.crude futures returning to above $40 a barrel, after a larger-than-expected gasoline draw offset a surprise build in crude stockpiles in the No. 1 oil consumer. O/R
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
1100 Bank of England announces interest rate decision and releases inflation report
1230 U.S. Weekly jobless claims
1400 U.S. Factory orders Jun
($1 = 100.9300 yen)
($1 = 6.6322 Chinese yuan renminbi)
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
