TOKYO, Oct 28 (Reuters) – Benchmark TOCOM rubber futures hit their highest in nearly two weeks on Friday, supported by a weaker yen and overnight gains in oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: had risen 1.4 yen to 183.3 yen per kg by 0122 GMT, after settling up 2.9 yen on Thursday.
The contract is set to post a rise of around 6 percent for the week.
MARKET NEWS
The dollar stood tall against the yen in Asian trading on Friday, on track for weekly gains against most rivals, as investors waited for U.S.third quarter growth data later in the day.
The U.S. dollar was quoted around 105.17 yen JPY= , compared with around 104.65 yen on Thursday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 0.6 percent. MKTS/GLOB
Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets for two years.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0530 France Preliminary GDP Q3
0645 France Consumer spending Sep
0900 Euro zone Business climate Oct
1200 Germany Consumer prices Oct
1230 U.S. Advance GDP Q3
1230 U.S. Employment wages Q3
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
