TOKYO, Dec 8 (Reuters) – Benchmark TOCOM rubber futures fell around 1 percent on Thursday after three days of gains, pressured by a stronger yen and weaker oil prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: had fallen 2.8 yen to 240 yen per kg by 0005 GMT, after settling up 1 percent on Wednesday.
Global natural rubber prices are likely to remain firm in the short term due to stronger crude oil prices and as consumption growth outpaces production, a group of producers said on Wednesday.
Consumption of natural rubber among members of the Association of Natural Rubber Producing Countries (ANRPC) rose 4.3 percent to 7.387 million tonnes in January-November, while production increased only 0.4 percent, Nguyen Ngoc Bich, secretary-general of ANRPC, said in a statement.
MARKET NEWS
The U.S. dollar was quoted around 113.64 yen JPY= , compared with around 114.24 yen on Wednesday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 opened up 1 percent. MKTS/GLOB
Copper gave up earlier gains on Wednesday as concerns that the metal’s rally had become overstretched outweighed prospects of higher demand from the world’s largest economies.
Oil prices slid on Wednesday on bearish U.S.petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
n/a China Trade data Nov – 1245 European Central Bank policy meeting outcome – 1330 U.S. Weekly jobless claims
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
