TOKYO, Aug 24 (Reuters) – Benchmark TOCOM rubber futures rose on Wednesday, bouncing back from a nearly 3-week low hit earlier in the session, as investors looked for bargains in the light of an overnight rebound in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was up 0.9 yen, or 0.6 percent at 153.0 yen ($1.53) per kg as of 0128 GMT, after touching its lowest since Aug. 5 at 151.1 yen in an overnigt session. RUB/T
New U.S.single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.
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MARKET NEWS
Oil prices rose on Tuesday after Reuters reported Iran was sending positive signals that it may support joint OPEC action to prop up the market, before the market pared gains on trade data showing a surprise build in U.S.crude stocks.
The U.S. dollar edged up to 100.43 yen JPY= on Wednesday, after nudging below 100 yen overnight to 99.925, as markets looked to a gathering of global central bankers in Jackson Hole, Wyoming for clues on whether the Federal Reserve is poised to hike interest rates again. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) edged higher in Wednesday trade, helped by Wall Street’s rise overnight. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
0600 Germany Detailed GDP Q2
1300 U.S. Monthly home price index Jun
1400 U.S. Existing home sales Jul
($1 = 100.2600 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
