TOKYO, Dec 1 (Reuters) – Benchmark TOCOM rubber futures rose more than 2 percent in early Thursday trade, buoyed by a combination of a jump in oil prices following OPEC’s deal to cut production and a weaker yen.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: was up 5.4 yen at 233.5 yen per kg by 0012 GMT, after rising more than 3 percent earlier. The contract settled down 11.8 yen, or 4.9 percent, on Wednesday on profit-taking following a recent rally.
MARKET NEWS
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Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices.
The U.S. dollar was quoted around 114.50 yen JPY= , compared with around 112.69 yen on Wednesday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 opened up 1.2 percent. MKTS/GLOB
Copper fell to one-week lows on Wednesday as investors cut bets on higher prices due to growing doubts that this month’s sizzling rally was built on solid fundamentals.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0900 Euro Zone Markit Mfg Final PMI Nov
1000 Euro Zone Unemployment rate Oct
1000 Italy GDP final Q3
1230 U.S. Challenger layoffs Nov
1330 U.S. Initial jobless claims weekly
1445 U.S. Markit Mfg PMI Final Nov
1500 U.S. Construction spending Oct
1500 U.S. ISM Manufacturing PMI Nov
21830 U.S. Domestic car sales Nov
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
