TOKYO, Dec 19 (Reuters) – Benchmark TOCOM rubber futures fell nearly 2 percent in early Monday trade, coming under pressure from a stronger yen against the dollar. A stronger yen makes Japanese currency-denominated assets more expensive when purchased in other currencies.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: fell 4.8 yen to 278.6 yen per kg by 0001 GMT, after settling up 1.2 yen on Friday.
The contract is trading down from a 3-1/2 year high of 291.7 yen hit on Friday.
MARKET NEWS
The U.S. dollar was quoted around 117.74 yen JPY= , down from near a 10-1/2 month high hit on Friday. USD/
Japan’s benchmark Nikkei stock average .N225 opened down 0.3 percent.
Oil rose on Friday, edging closer to new 17-month highs, after Goldman Sachs boosted its price forecast for 2017 and producers showed signs of adhering to a global deal to reduce output.
DATA/EVENTS (GMT)
The following data is expected on Monday: (Time in GMT)
0130 China House prices Nov
0900 Germany Ifo business climate Dec
1000 Euro zone Labour costs Q3
1445 U.S. Markit services PMI flash Dec
(Reporting by Osamu Tsukimori)
