TOKYO, Nov 15 (Reuters) – Benchmark TOCOM rubber futures rose around 2 percent on Tuesday following a near 4-percent tumble the previous day, buoyed as a weaker yen made the commodity cheaper for holders of other currencies.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: had risen 3.5 yen to 201.2 yen per kg by 0005 GMT, after settling down 7.8 yen, or 3.8 percent, on Monday due to profit-taking.
Crude rubber inventories at Japanese ports stood at 6,961 tonnes as of Oct.
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31, down 4.9 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Monday.
MARKET NEWS
The U.S. dollar was quoted around 108.22 yen JPY= , compared with around 107.50 yen on Monday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 opened up 0.1 percent. MKTS/GLOB
Copper built on last week’s double-digit percentage gains on Monday after infrastructure spending in top metals consumer China came in ahead of expectations, though some analysts said the rally looked overdone.
MET/L
Oil prices were largely steady on Monday, rebounding from three-month lows, on a report saying that OPEC members were seeking to resolve their differences on a deal to cut output ahead of a meeting later this month. O/R
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0700 Germany GDP flash Q3 – 0930 Britain Consumer prices Oct
1000 Germany ZEW economic sentiment Nov
1000 Euro zone Eurostat trade Sep
1000 Euro zone GDP flash Q3
1330 U.S. New York Fed manufacturing Nov
1330 U.S. Retail sales Oct
1330 U.S. Import prices Oct
1330 U.S. Export prices Oct
1500 U.S. Business inventories Sep
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
