TOKYO, Oct 21 (Reuters) – Benchmark TOCOM rubber futures fell for a fourth day to a 1-1/2 week low on Friday, on track for a weekly loss of about five percent, as investors continued to adjust positions from the recent rally that sent prices to 6-month highs.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was down 1.6 yen, or 0.9 percent, at 174.5 yen ($1.68) per kg as of 0054 GMT, after dropping 0.6 yen the previous day. For the week, it was headed for a 4.8 percent decline. RUB/T
Consumption is driving China’s economic growth, but a further slowdown in income growth in the third quarter highlights the challenges to the country’s transition away from manufacturing and heavy industry.
The European Central Bank left ultra-loose monetary policy unchanged on Thursday but kept the door open to more stimulus in December, firmly shooting down any talk of tapering its 1.7 trillion euro asset-buying programme.
The Federal Reserve will likely raise interest rates later this year if the U.S.economy remains on track, one of the most influential Fed officials said on Wednesday in perhaps the clearest policy signal yet from the central bank.
Thailand said on Thursday it would inform the world about the royal succession following the death of King Bhumibol Adulyadej after “false” foreign media coverage created misunderstanding and hurt the feelings of its people.
MARKET NEWS
Oil prices settled down more than 2 percent on Thursday, as a resurgent dollar encouraged players to take profit on the previous day’s rally that sent U.S.crude to 15-month highs.
The U.S. dollar added 0.2 percent to 104.13 yen JPY= , but was still down 0.1 percent for the week. USD/
Japan’s benchmark Nikkei stock average (XC0009692440) inched lower on Friday after Wall Street ended flat the previous day. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0130 China Property price changes Sept
($1 = 104.1200 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
