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Monday, July 4, 2022

Tokyo rubber futures edge higher in thin trade

TOKYO, Oct 5 (Reuters) – Benchmark TOCOM rubber futures edged up on Monday after eking out a weekly gain last week, helped by solid Tokyo shares, but trade was thin as investors were reluctant to take fresh positions with Chinese financial markets closed for holidays.

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for March delivery had risen 0.7 yen, or 0.4 percent, to 170.5 yen per kg by 0022 GMT, after marking their first weekly gain in three. RUB/T
  • U.S.employers slammed the brakes on hiring over the last two months, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year.
  • Chinese financial markets are closed until Oct.7 for national holidays, reopening on Oct 8.

MARKET NEWS

  • The U.S. dollar was quoted around 119.95 yen on Monday, after hitting a three-week low below 119 yen, stung by a September U.S. jobs report depicting slower hiring that added to doubts the economy was strong enough for the Federal Reserve to raise U.S.interest rates later this year.
    Japan’s benchmark Nikkei stock average was up 1.5 percent in Monday trade, after global equities were able to rebound from an initial selloff to close with strong gains last Friday.
  • New York copper prices closed up almost 1 percent on Friday as weaker-than-expected U.S. jobs data pressured the dollar, offsetting lingering concerns about U.S.economic growth and demand from top consumer China.
  • Crude prices erased early losses to rise by 1 percent or more on Friday after a report showing the fifth weekly decline in the U.S.oil rig count renewed the debate over falling production in the world’s top oil consumer.

DATA/EVENTS (GMT)

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

  • 0800 EZ Markit Services final PMI Sep
  • 0900 EZ Retail sales Aug
  • 1345 U.S. Markit services PMI Sep
    (Reporting by Yuka Obayashi; Editing by Joseph Radford)

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