TOKYO, Dec 27 (Reuters) – Benchmark TOCOM rubber futures extended losses into a third straight session on Tuesday, falling to a 2-week low, as an overnight tumble in Shanghai futures prompted selling.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: was down 3.4 yen, or 1.3 percent, at 252.1 yen ($2.15) per kg as of 0042 GMT, after touching a low of 250.6 yen, the lowest since Dec.12.
It lost 4 percent the previous day. RUB/T
The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 fell 595 yuan to 17,405 yuan ($2,505) per tonne in an overnight trade.
Japan’s core consumer prices marked the ninth straight month of annual declines in November, data showed on Tuesday, suggesting that the economy still lacks enough momentum to jump-start inflation toward the central bank’s ambitious 2 percent target.
MARKET NEWS
The U.S. dollar was up 0.1 percent at 117.230 yen JPY= on Tuesday, after spending the previous day stuck in a narrow 117.005-117.390 range as many major financial markets were closed for the Christmas holidays. FRX/
U.S.oil prices extended gains on Tuesday in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices.
Japan’s benchmark Nikkei stock average .N225 was steady on Tuesday. .T
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
1400 US Case-Shiller home prices Oct
1500 US Conference Board consumers confidence index Dec
($1 = 117.2500 yen)
($1 = 6.9480 Chinese yuan renminbi)
(Reporting by Yuka Obayashi; Editing by Michael Perry)
