TOKYO, Dec 7 (Reuters) – Benchmark TOCOM rubber futures extended gains on Wednesday, getting support from a weaker yen against the dollar, which makes yen-denominated commodities cheaper for holders of other currencies.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for Maydelivery JRUc6 0#2JRU: rose 0.9 yen to 241.3 yen per kg by 0104 GMT.
Crude rubber inventories at Japanese ports stood at 6,430 tonnes as of Nov. 20, up 3.4 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Wednesday.
The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 was up 0.3 percent.
MARKET NEWS
The U.S. dollar was quoted around 114.01 yen JPY= , compared with around 113.79 yen on Tuesday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 0.6 percent. MKTS/GLOB
Copper prices fell on Tuesday as investors cashed in gains after the previous session’s rally on concerns that a surge in base metals prices over the last month had left markets overstretched.
Oil prices on Tuesday ended lower for the first time since OPEC agreed on Nov.30 to cut output, as data showing record high production in the producer group fed scepticism that it would be able to reduce supplies.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
0700 Germany Industrial output Oct
0745 France Current account Oct
0745 France Trade data Oct – 0930 Britain Industrial output Oct
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
