SINGAPORE, Dec 29 (Reuters) – Benchmark TOCOM rubber futures rose on Thursday, recouping last session’s losses as investors covered short positions.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 rose 0.8 percent or 2 yen to 258.4 yen per kg by 0056 GMT, after closing 0.3 percent lower in the last session.
The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 closed 0.9 percent lower at 17,810 yuan per tonne in overnight trading.
Japan’s factory output rose in November and manufacturers expect to ramp up production in coming months, data showed on Wednesday, underlining the central bank’s view that a pick-up in global demand will help a steady economic recovery.
MARKET NEWS
Asian shares slipped on Thursday after Wall Street suffered a mild setback after weeks of gains, while the dollar stayed in demand as U.S.government debt offered ever-fatter premiums over euro zone bonds.
The U.S. dollar hit its highest level in two months against the sterling on Wednesday on concerns over next year’s Brexit negotiations, while expectations of higher U.S.economic growth also underpinned the greenback.
Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since mid-2015, ahead of U.S.oil inventory figures and as the market awaits evidence of OPEC supply reductions in the new year.
DATA/EVENTS (GMT)
0700 GB Nationwide House Price GBNHP=ECI
0900 Eurozone Money M3 Annual Growth EUM3=ECI
1330 U.S. Initial Jobless Claims USJOB=ECI
1330 U.S. Jobless Claims 4 week average USJOBA=ECI
(Reporting by Naveen Thukral; Editing by Kenneth Maxwell)
