TOKYO, Aug 19 (Reuters) – Benchmark TOCOM rubber futures rose on Friday, recovering from a one week low hit the previous day and putting it on track for a weekly gain of about 1.5 percent, as a rally in oil prices helped improve investors’ risk appetite.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was up 2.3 yen, or 1.5 percent, higher at 157.5 yen ($1.57) per kg as of 0054 GMT, after tumbling two percent the previous day on a stronger yen. RUB/T
The number of Americans filing for unemployment benefits fell more than expected last week, reinforcing views of labor market strength that could encourage the Federal Reserve to raise interest rates soon.
MARKET NEWS
Oil prices rose on Thursday for a sixth straight day, with Brent crude rising above $50 for the first time in six weeks as the world’s biggest producers prepared to discuss a possible freeze in production levels. O/R
The U.S. dollar clawed back some losses against the yen, rising 0.4 percent to 100.22 yen JPY= , though it was still down 1.1 percent for the week. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) edged higher in Friday trade after Wall Street benefited from buoyant crude oil prices and expectations U.S.borrowing costs will remain at stimulatory levels at least until year-end.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0600 Germany Producer prices Jul
($1 = 100.3300 yen)
(Reporting by Yuka Obayashi; Editing by Michael Perry)
