TOKYO, Jan 5 (Reuters) – Benchmark TOCOM rubber futures were little changed on Thursday, as support from overnight gains in oil prices was offset by a stronger yen against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: had eased 0.1 yen to 273.3 yen ($2.35) per kg by 0050 GMT, after settling up 9.5 yen, or 3.6 percent, on Wednesday.
Crude rubber inventories at Japanese ports stood at 5,253 tonnes as of Dec.20, down 5.5 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Wednesday.
MARKET NEWS
The U.S. dollar was quoted around 116.61 yen JPY= , compared with around 117.54 yen on Wednesday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was down percent.
Copper rose on Wednesday as the dollar retreated from a 14-year high and Chinese plans to add 2,100 km (746 miles) of track to its railway network this year bolstered demand expectations.
Oil prices were firm on Thursday, adding to 2-percent gains the previous day, buoyed by data showing a fall in U.S.crude inventories and by record car sales in the United States.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
1000 Euro Zone Producer prices Nov
1230 U.S. Challenger layoffs Dec
1315 U.S. ADP National employment Dec
1330 U.S. Initial Jobless claims weekly
1445 U.S. Markit Svcs PMI Final Dec
1500 U.S. ISM N-Mfg PMI Dec
($1 = 116.4900 yen)
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
