TOKYO, Dec 2 (Reuters) – Benchmark TOCOM rubber futures fell around 1 percent early Friday after overnight weakness in Shanghai futures and as the yen regained ground from a nine-month low against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: fell 2.5 yen to 232.4 yen ($2.04) per kg by 0006 GMT, after settling up 6.8 yen or 3 percent on Thursday. The contract is set for a weekly decline of around 2 percent after hitting 245.6 yen on Tuesday, the highest since June 2, 2015.
The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 finished overnight trading down 1.6 percent.
MARKET NEWS
The U.S. dollar was quoted around 113.92 yen JPY= , after hitting a nine-month peak of 114.82 yen earlier. USD/
Japan’s benchmark Nikkei stock average .N225 opened down 0.4 percent.
Copper prices edged lower on the London Metal Exchange on Thursday as speculative positions started to unwind on doubts about the sustainability of a post U.S.election rally.
Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly. O/R
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
1000 Euro zone Producer prices Oct
1330 U.S. Nonfarm payrolls Nov
1330 U.S. Unemployment rate Nov
1445 U.S. ISM-New York index Nov
($1 = 113.8900 yen)
(Reporting by Osamu Tsukimori; Editing by Michael Perry)
