TOKYO, Aug 12 (Reuters) – Benchmark TOCOM rubber futures soared more than 3 percent on Friday, helped by an overnight jump in oil prices and Shanghai rubber futures, putting them on track for a weekly gain of about 2 percent.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was up 4.7 yen, or 3.1 percent, at 157.3 yen ($1.54) per kg as of 0101 GMT.
The most-active rubber contract on the Shanghai Futures Exchange, for January delivery SNRcv1 , rose 180 yuan to 12,855 yuan per tonne in an overnight trade.
MARKET NEWS
Oil prices jumped the most in a month, rising more than 4 percent on Thursday, after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016. O/R
The U.S. dollar rose 0.65 percent against the yen JPY= to 101.92 after a Federal Reserve official said that an interest rate increase this year is appropriate, and before Friday’s retail sales data for July. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) climbed 0.8 percent in Friday trade, taking a cue from Wall Street’s records overnight. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0200 China Industrial output Jul
0200 China Retail sales Jul
0200 China Urban investment Jul
0600 Germany GDP flash estimate Q2
0600 Germany Wholesale price index Jul
0900 Euro zone GDP flash estimate Q2
0900 Euro zone Industrial production Jun
1230 U.S. Retail sales Jul
1400 U.S. Business inventories Jun
1400 U.S. Univ of Michigan sentiment index Aug
($1 = 102.1700 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
