TOKYO, Aug 5 (Reuters) – Benchmark TOCOM rubber futures rose on Friday on the back of strong oil price gains overnight.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery JRUc6 0#2JRU: rose 1.2 yen to 151.9 yen per kg by 0041 GMT. The contract, which hit a three-week low of 150.3 yen on Thursday, is set to post a decline of around 1 percent for the week.
Japan’s Sumitomo Rubber Industries (JP3404200002) will spend about 9 billion yen ($89 million) to double production capacity at an American tire plant, the Nikkei business daily
MARKET NEWS
The U.S. dollar was quoted around 101.26 yen JPY= , compared with around 101.08 yen on Thursday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.1 percent. MKTS/GLOB
Oil prices rose nearly 3 percent on Thursday, with U.S. crude advancing firmly above the $40-per-barrel mark on short-covering and after a modest stockpile drop at the delivery hub for U.S.crude futures.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0600 Germany Industrial orders Jun
0645 France Trade balance Jun
1230 U.S. Nonfarm payrolls Jul
1230 U.S. Unemployment rate Jul
1230 U.S. International trade Jun
($1 = 101.2600 yen)
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
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