TOKYO, Sept 9 (Reuters) – Benchmark TOCOM rubber futures edged higher in light trade on Friday, helped by firmer Shanghai futures, putting them on track for a second straight weekly gain.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: was up 0.5 yen, or 0.3 percent, at 158.6 yen ($1.55) per kg as of 0123 GMT, after ending up 1.3 percent the previous day.For the week, it was headed for a gain of about 1 percent.
The most-active rubber contract on the Shanghai Futures Exchange, for January delivery SNRcv1 , was up 145 yuan at 12,840 yuan ($1,926.77) per tonne.
China’s imports unexpectedly rose in August for the first time in nearly two years, boosted by coal and other commodities, suggesting domestic demand may be picking up and putting the world’s second-largest economy on a more balanced footing.
MARKET NEWS
Oil prices pulled back on profit-taking on Friday after settling more than 4 percent higher a day earlier after government data confirmed a surprisingly huge drawdown in U.S.crude inventories.
The U.S. dollar was edged down 0.2 percent to 102.25 yen JPY= , down 1.7 percent for the week. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) inched lower in early Friday trade, after U.S.stocks dipped the previous day.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0130 China Consumer prices Aug
0130 China Producer prices Aug
0600 Germany Trade data Jul
0645 France Industrial output Jul
1400 U.S. Wholesale sales Jul
($1 = 102.0900 yen)
($1 = 6.6640 Chinese yuan renminbi)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
