TOKYO, Oct 11 (Reuters) – Benchmark TOCOM rubber futures jumped more than 4 percent to hit a near five-month high on Tuesday after oil prices reached a one-year high a day earlier on growing expectations of an output cut by OPEC members.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: hit the highest since May 13 at 181.2 yen per kg, and were trading up 6.8 yen at 180.5 yen by 0107 GMT.
Japanese markets were closed on Monday for a national holiday.
TOCOM also got support from firm gains on Shanghai futures.The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 was up more than 3 percent.
MARKET NEWS
The U.S. dollar was quoted around 103.90 yen JPY= , compared with around 103.82 yen on Friday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 1 percent. MKTS/GLOB
Oil prices edged down early on Tuesday but held near one-year highs touched on growing expectations of an output cut by OPEC producers, and traders said the price outlook remains bullish as confidence in crude markets rises.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0900 Germany ZEW economic sentiment Oct
1000 U.S. NFIB business optimism Sep
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
