TOKYO, Oct 24 (Reuters) – Benchmark TOCOM rubber futures rose on Monday, snapping a 4-day losing streak and rebounding from a 10-day low, on the back of an overnight recovery in Shanghai futures and higher oil prices on Friday.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 2.5 yen, or 1.4 percent, at 176.4 yen ($1.70) per kg as of 0037 GMT, after marking the biggest weekly drop in about three months. RUB/T
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 climbed 115 yuan to 13,730 yuan per tonne in an overnight trade on Friday.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.4 percent from the prior Friday, the exchange said on Friday.
Falling demand for Daimler’s (DAI) trucks prompted the company to lower its revenue outlook for the year, taking the shine off a forecast-beating rise in third-quarter operating profit lifted by higher margins for Mercedes-Benz luxury cars.
Swedish truckmaker Volvo VOLVb.ST forecast lower heavy-duty truck markets on both sides of the Atlantic next year after reporting a surprise rise in profitability in the third quarter despite a slide in sales.
MARKET NEWS
Oil settled up on Friday on hopes Russia and OPEC will reach agreement at the weekend on market support initiatives to keep crude above $50 a barrel, although traders cautioned about pressure from a double-digit rise in the U.S.oil rig count.
The U.S. dollar was flat at 103.890 yen JPY= on Monday.
Japan’s benchmark Nikkei stock average (XC0009692440) was steady in early Monday trade after Wall Street was little changed last Friday. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Monday: (Time in GMT)
0700 France Markit manufacturing PMI flash Oct
0730 Germany Markit manufacturing PMI flash Oct
0800 Euro zone Markit manufacturing PMI flash Oct
1345 U.S. Markit manufacturing PMI flash Oct
($1 = 103.8600 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
