TOKYO, Nov 11 (Reuters) – Benchmark TOCOM rubber futures extended gains on the back of a weaker yen and headed for a 13 percent jump for the week, marking the largest weekly rise since May 2013.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: rose 3.2 yen to 201.8 yen per kg by 0019 GMT, after settling up 10.3 yen, or 5.5 percent, on Thursday.
Brokers said a weaker yen and firm Shanghai futures that hit their highest level since June 2015 on Thursday night have raised investors’ appetite for taking risks in rubber.
MARKET NEWS
The U.S. dollar was quoted around 106.78 yen JPY= , compared with around 105.40 yen on Thursday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 0.7 percent. MKTS/GLOB
Copper surged more than 5 percent to a 16-month high on Thursday as speculation that U.S.infrastructure spending could jump under a Republican administration unleashed a wave of interest in industrial metals.
Oil prices settled more than 1 percent lower on Thursday as markets recovered from shock over U.S.President-elect Donald Trump’s victory and focused on oversupply concerns.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
1500 U.S. University of Michigan sentiment index Nov
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
