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Tokyo rubber futures rise for 5th session in thin trade

TOKYO, Oct 6 (Reuters) – Benchmark TOCOM rubber futures rose to a 2-1/2 week high on Tuesday, extending gains into a fifth session, helped by rising Tokyo share prices and the weaker yen, although trade was light as Chinese traders were away due to national holidays.

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: had climbed 1.9 yen, or 1.1 percent, to 172.8 yen per kg by 0044 GMT, after gaining 0.6 percent the previous day. It earlier hit a high of 173.2 yen, the highest since Sept.18.
  • Chinese financial markets are closed until Oct.7 for national holidays, reopening on Oct. 8.
  • Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world’s economy in a deal that faces skepticism from U.S.lawmakers.
  • Thailand’s industry-wide auto sales could fall as much 15 percent in 2015 and mark a third consecutive year of sales declines, according to Toyota Motor Corp’s (TOYOF) Thai unit.

MARKET NEWS

  • Japan’s benchmark Nikkei stock average was up 1.7 percent on Tuesday, after U.S.stocks jumped the previous day, with the S&P 500 climbing for a fifth day in a row, as rising oil prices boosted energy stocks and investors bet the Federal Reserve would not raise interest rates this year.
  • The dollar climbed versus the safe-haven yen on Tuesday as improving investor risk appetite worked against the Japanese currency, which was also under pressure from the prospect of the Bank of Japan eventually easing monetary policy. The dollar fetched 120.42 yen JPY= after gaining 0.5 percent overnight to touch a 1-week high of 120.55. FRX/
  • Copper prices soared on Monday, as growing expectations that loose monetary policy in the United States will prevail for longer convinced some consumers to hedge their needs and persuaded funds to cover shorts.
  • Oil prices surged after Russia said it was ready to meet with other producers to discuss the market, while world stock indexes rose with commodity-related shares amid a backdrop of low global interest rates. O/R

DATA/EVENTS (GMT)

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

  • 0600 Germany Industrial orders Sep
  • 1230 U.S. International trade Sep

(Reporting by Yuka Obayashi; Editing by Edwina Gibbs)

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