3.4 C
New York
Tuesday, January 25, 2022

Tokyo rubber futures edge up to 4-week high on yen, oil (Nov. 26)

Tokyo rubber futures edge up to 4-week high on yen, oil (Nov. 26)TOKYO, Nov 26 (Reuters) – Key TOCOM rubber futures inched up in early trade on Monday to a four-week high, helped by a weaker yen and higher oil prices, though a soft Shanghai rubber market on Friday limited gains.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for April delivery <0#2JRU:> was up 0.6 yen, or 0.2 percent, at 262.3 yen as of 0045GMT.

* The front-month November contract will expire on Monday.

* The most active rubber contract on the Shanghai futures exchange for May delivery on Friday closed down 1 percent at 24,275 yuan per tonne.

* Volkswagen AG has earmarked 50.2 billion euros ($64.7 billion) of investments over the coming three years as it accelerates plans designed to help it become the world’s largest car maker by the end of the decade.

MARKET NEWS

* U.S. crude oil futures settled up 90 cents at $88.28 a barrel on Friday, lifted by fresh protests in Egypt and optimism about talks on releasing aid to Greece.

* The dollar bought 82.35 yen, near an eight-month high around 82.84 set last week.

* Japan’s Nikkei share average rose 1 percent in early trade on Monday and may test a seven-month high, supported by climbs on Wall Street and expectations that a weaker yen will boost earnings for exporters.

DATA EVENTS

* The following data is expected on Monday:

– 0900 Italy Consumer confidence Nov

– 1200 Germany GfK Consumer sentiment Dec

– 1530 U.S. Dallas Fed Texas manufacturing Nov

(Reporting by Yuko Inoue; Editing by Ed Davies)

Source: Reuters

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,082FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles