TOKYO, Nov 22 (Reuters) – Benchmark TOCOM rubber futures rose more than 2 percent to hit their highest level since June 2015 in early Tuesday trade after Shanghai futures jumped to their highest level in more than two years overnight.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: rose 5.7 yen to 229.8 yen per kg by 0006 GMT, after settling up 14.6 yen, or 7 percent, on Monday.
The contract touched 230.4 yen earlier, the highest since June 25, 2015.
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 surged to as high as 17,680 yuan per tonne, the highest since July 30, 2014.
MARKET NEWS
The U.S. dollar was quoted around 110.67 yen JPY= , compare with around 111.19 yen on Monday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 opened down 0.1 percent. MKTS/GLOB
Oil prices surged 4 percent to a three-week high on Monday, bolstered by growing conviction that major oil producing countries would agree next week to limit output.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
1500 Euro zone Consumer confidence flash Nov
1500 U.S. Existing home sales Oct
1500 U.S. Richmond Fed composite index Nov
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
