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Tokyo Rubber Futures Gain as Weaker Yen, Equity Rises Support (Nov. 11)

Benchmark TOCOM rubber futures rose early on Monday (Nov 11) as a weaker yen and gains in Asian equity markets pushed the contract for the soft commodity higher.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for April delivery was up 3.6 yen at 260.5 yen per kg by 0020 GMT, after settling 1 yen lower on Friday (Nov 8).

Japan’s current account surplus unexpectedly rose 14.3 percent in September from a year earlier, finance ministry data showed on Monday (Nov 11), amid a pickup in earnings in overseas investments and profits from overseas subsidiaries.

Rescue workers struggled to reach ravaged towns and villages in the central Philippines on Monday (Nov 11) as they tried to deliver aid to survivors of a powerful typhoon that killed an estimated 10,000 people and displaced more than 600,000.

Apollo Tyres did not breach its obligation to close its $2.5 billion buyout of Cooper Tire & Rubber last month as originally agreed, a U.S. judge ruledon Friday (Nov 8).

MARKET NEWS

The U.S. dollar was quoted around 99.15 yen in Asia, close to a seven-week high of 99.41 yen reached last Thursday (Nov 7), as a surprise surge in U.S. jobs growth on Friday (Nov 8) signalled the world’s largest economy was on a firmer footing.

Japan’s benchmark Nikkei stock average rose 1.4 percent in early Monday (Nov 11) trade, with trading sentiment lifted following U.S. stock gains on Friday (Nov 8) and the weaker yen.

The 19-commodity Thomson Reuters/CoreCommodity CRB index settled 0.45 percent higher on Friday (Nov 8) following gains in 13 of the 19 commodities it tracks.

Source: Reuters

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