TOKYO, Dec 16 (Reuters) – Benchmark TOCOM rubber futures rose to a 3-1/2 year high on Friday due to a weaker yen, extending gains into a sixth straight session and on track for their biggest weekly climb in records reaching back to 1990.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: was up 5.9 yen, or 2.1 percent, at 288.1 yen ($2.44) per kg at 0058 GMT. It earlier hit its highest since May 22, 2013 at 291.7 yen.
For the week, it was set for a jump of about 18 percent, in what would be its largest weekly advance in over 25 years.
Toyota Motor Corp (TOYOF) on Thursday said it anticipated a 1-percent rise in global vehicle sales next year, as growth in North America, China, Europe and Asia prompts a recovery from a 1-percent slide in sales this year.
China extended a tax cut on small-engine vehicles by one year on Thursday, a move industry executives said would help keep demand for automobiles stable and prevent sharp short-term fluctuations in the world’s biggest auto market.
MARKET NEWS
The U.S. dollar rose 0.1 percent to 118.33 yen JPY= on Friday, after touching 118.66 yen overnight, its highest since February. It was up 2.6 percent for the week. USD/
Japan’s benchmark Nikkei stock average (XC0009692440) edged higher on Friday after U.S stocks bounced back from their biggest daily percentage decline in about two months. MKTS/GLOB
Oil settled little changed on Thursday after sliding to its lowest level in a week in volatile trade, but the surging dollar did not pressure prices below technical support levels as OPEC members told customers they would cut crude supplies.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0745 France Business climate Dec
1000 Euro zone Eurostat trade Oct
1330 U.S. Building permits Nov
1330 U.S. Housing starts Nov
($1 = 118.1800 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
