TOKYO, Nov 29 (Reuters) – Benchmark TOCOM rubber futures inched to a 1-1/2 year high on Tuesday, extending gains into a second day on an overnight climb in Shanghai futures.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: was up 0.3 yen, or 0.1 percent, at 243.6 yen ($2.18) per kg as of 0041 GMT, after hitting the highest since June 2, 2015, at 245.6 yen in overnight trade. RUB/T
The most-active rubber contract on the Shanghai Futures Exchange, for May delivery SNRcv1 , rose 670 yuan to 19,445 yuan ($2,815.87) per tonne in overnight trade.
Activity in China’s manufacturing sector likely held a modest expansionary trend this month, a Reuters poll showed, as industrial firms continued to benefit from higher producer prices and a recovery in demand.
MARKET NEWS
Oil prices gained more than 2 percent on Monday in volatile trading after falling as much as 2 percent, recouping losses as the market reacted to the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday. O/R
Zinc soared to a nine-year high on Monday and lead hit a five-year peak as reports of more infrastructure investment in China and signs of strong property investment in the world’s top metals user sparked heavy buying.
Profit-taking had pulled the dollar down against the yen to 111.81 yen JPY= , but it remains 6.7 percent higher for the month. FRX/
Japan’s benchmark Nikkei stock average (XC0009692440) edged lower on Tuesday after the cautious mood was set by Wall Street which suffered its worst performance in nearly a month on profit-taking. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0700 Germany Import prices Oct
0745 France Consumer spending Oct
0745 France Detailed GDP Q3
1300 Germany Consumer prices Nov
1330 U.S. GDP 2nd estimate Q3
1400 U.S. S&P/Case-Shiller housing index Sep
1500 U.A. Consumer confidence Nov
($1 = 6.9055 Chinese yuan renminbi)
($1 = 111.8700 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
