TOKYO, Jan 4 (Reuters) – Benchmark TOCOM rubber futures hit their highest in nearly two weeks on Wednesday, the first day of trading in 2017, buoyed by a weaker yen against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: had risen 3.8 yen to 267.7 yen ($2.27) per kg by 0017 GMT.The contract earlier hit its strongest since Dec. 22 at 269.9 yen.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange climbed 3.4 percent from the previous week, the bourse said on Friday.
MARKET NEWS
The U.S. dollar was quoted around 117.68 yen JPY= . It has strengthened from around 116.77 yen on the last trading of 2016 on Dec.30.
Japan’s benchmark Nikkei stock average .N225 opened up 1 percent. MKTS/GLOB
Copper retreated from a two-week high on Tuesday as a stronger dollar outweighed expectations of solid consumption in the United States and China, where economic data showed signs of improvement.
Oil prices slid more than 2 percent on the first trading day of 2017, knocked off 18-month highs hit in early trade as the U.S.dollar rallied.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
Euro Zone 0900 Markit Service Final PMI Dec – Euro Zone
1000 Inflation Flash Dec – U.S.
1200 Mortgage Market index weekly – U.S.
1355 Redbook weekly – U.S.
1445 ISM-New York index Dec – U.S.
1830 All car, truck sales Dec
($1 = 117.7200 yen)
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
