TOKYO, Oct 6 (Reuters) – Benchmark TOCOM rubber futures extended gains into a fourth session on Thursday to hit a 4-1/2 month high, buoyed by the yen falling to a four-week low against the U.S.dollar and by stronger oil prices overnight.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 1.1 yen, or 0.6 percent, at 171.7 yen ($1.66) per kg as of 0039 GMT, after earlier in the session hitting its highest since May 18 at 172.7 yen.
Chinese markets remain closed for National Day holidays.
They will reopen on Monday.
German car sales jumped 9.4 percent in September from the same month a year ago, the country’s motor transport authority said on Wednesday, as Europe’s autos market continues its recovery from years of decline.
MARKET NEWS
Oil prices settled up about 2 percent on Wednesday, hitting their highest since June, after the fifth unexpected weekly drawdown in U.S.crude inventories added to support on hopes that major producers will agree to cut output next month.
The U.S.dollar hovered near a four-week peak against the yen.
It was last up 0.7 percent at 103.56 yen. JPY= .A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.8 percent after major U.S.stock indexes gained the previous day.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0600 Germany Industrial orders Aug
1230 U.S. Weekly jobless claims
($1 = 103.4900 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
