TOKYO, Nov 14 (Reuters) – Benchmark TOCOM rubber futures fell more than 4 percent at one point on Monday, after touching a near 16-month high in the night session, dragged down by sharp overnight losses in Shanghai markets.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: was down 7.9 yen at 197.6 yen per kg by 0033 GMT, after earlier falling as low as 196 yen. In overnight trade, the contract hit its highest since July 24, 2015 at 211.7 yen.
Benchmark Shanghai rubber futures SNRcv1 touched 16,945 yuan, the highest since June 3, 2015, overnight, before tumbling more than 4 percent on profit-taking.
Japan’s economic growth beat expectations in the July-September period, helped by stronger exports to expand for a third straight quarter, but weak domestic activity cast doubt on hopes for a sustainable economic recovery.
MARKET NEWS
The U.S. dollar was quoted around 106.89 yen JPY= , compared with around 106.61 yen on Friday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 0.5 percent. MKTS/GLOB
Copper fell on Friday as profit taking set in after a frenzied rally that pushed the metal to its best week since 2011, buoyed by Donald Trump’s surprise U.S.election victory and improved demand prospects in China.
Oil prices inched up on Monday but held close to a multiple-month low, dragged down by worries about oversupply as OPEC saw record output last month and as the U.S.rig count rose again.
DATA/EVENTS (GMT)
The following data is expected on Monday: (Time in GMT)
0200 China Industrial output Oct
0200 China Retail sales Oct
0200 China Urban investment Oct – 1000 Euro zone Industrial production Sep
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
