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Tokyo rubber futures inch higher on steady stock prices

TOKYO, Oct 1 (Reuters) – Benchmark TOCOM rubber futures edged higher on steady stock markets, but trade was thin as investors hesitated to take fresh positions as financial markets in China are closed for national holidays.

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: had risen 1.0 yen, or 0.6 percent, to 166.1 yen ($1.39) per kg by 0109 GMT, after rebounding slightly the previous day. It fell 5.4 percent in September, marking a fourth straight monthly decline. RUB/T
  • Activity in China’s manufacturing sector contracted for a second straight month in September, an official survey showed on Thursday, adding to signs of weakness in the world’s second-largest economy which are shaking global markets.
  • Crude rubber inventories at Japanese ports stood at 12,555 tonnes as of Sept. 10, down 5.3 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Thursday.
  • U.S. companies hired workers at a solid clip in September, but data showed factory activity in the U.S.Midwest contracted, muddying the economic picture for the Federal Reserve on whether to raise interest rates later this year.

MARKET NEWS

  • Japan’s benchmark Nikkei stock average was up 0.5 percent in Thursday trade, after Wall Street posted gains of 1 percent or more the previous day.
  • Oil prices ended mixed in volatile trade on Wednesday, with global benchmark Brent up on worries about Russian airstrikes in Syria and U.S.crude down after data showing a surge in domestic inventories.
  • Copper rose nearly 4 percent to hit its highest in a week on Wednesday, while nickel touched a two-week peak, as bearish investors closed out positions at the quarter-end and ahead of Chinese holidays.
  • The dollar was up 0.20 percent against the yen just under 120 yen.

DATA/EVENTS (GMT)

The following data is expected on Thursday: (Time in GMT)

  • 0100 China NBS non-mfg PMI Sep
  • 0100 China NBS manufacturing PMI Sep
  • 0145 China Caixin mfg PMI final Sep
  • 0145 China Caixin svcs PMI Sep
  • 0800 EZ Markit mfg final PMI Sep
  • 0830 EZ Sentix index Oct
  • 0900 EZ Retail sales Aug
  • 1345 U.S. Markit mfg PMI final Sep
  • 1400 U.S. Construction spending Aug
  • 1400 U.S. ISM manufacturing Sep
  • 1730 U.S. Total vehicle sales Sep

($1 = 119.8600 yen)

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