TOKYO, Aug 9 (Reuters) – Benchmark TOCOM rubber futures edged up to a 10-day high on Tuesday, extending gains into a third session, as a jump in oil prices amid growing speculation that OPEC would try to restrain output helped bolster risk appetite.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was up 0.3 yen, or 0.2 percent, at 156.6 yen ($1.53) per kg by 0044 GMT, after earlier hitting 157.6 yen, the highest since July 29.
MARKET NEWS
Oil prices settled up nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week.
The U.S. dollar was down 0.2 percent at 102.33 yen JPY= on Tuesday, but well above last week’s low of 100.68 yen. It gained 0.6 percent on Monday amid firming bets for a U.S.interest rate hike late this year.
Japan’s benchmark Nikkei stock average (XC0009692440) was steady in Tuesday trade after Wall Street receded from record highs the previous day. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0130 China Consumer prices Jul
0130 China Producer prices Jul
0600 Germany Trade balance Jun
0830 Britain Industrial output Jun
1000 U.S. NFIB business optimism Jul
1230 U.S. Labor costs Q2
400 U.S. Wholesale sales Jun
($1 = 102.3600 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
