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Tuesday, March 21, 2023

Tokyo rubber futures steady near 6-year low amid China concerns

TOKYO, Nov 5 (Reuters) – Benchmark TOCOM rubber futures hovered near a 6-year low on Thursday as bargain hunting after three straight sessions of losses was offset by selling on persistent fears about slowing demand in top buyer China.


  • The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery JRUc6 0#2JRU: was unchanged at 155.7 yen ($1.28) per kg as of 0112 GMT, after hitting its lowest level since July 2009 the previous day. RUB/T
  • Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate “liftoff” but said rates would rise only slowly from then on to nurture the U.S.economic recovery.
  • The U.S. auto industry is on track for a record year of annual sales, General Motors Co (GM) said on Tuesday, as the top U.S.automaker and its rivals reported October sales that far exceeded expectations.


  • The U.S. dollar rose against the yen to 121.42 yen JPY= early on Thursday, following a jump in U.S. Treasury yields as Federal Reserve officials hammered home the message that a December “liftoff” in U.S.rates is a distinct possibility.
  • Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.5 percent in Thursday trade despite a drop in Wall Street stocks after Fed Chiar Yellen’s comment on a possible December interest rate hike. MKTS/GLOB
  • Crude oil futures fell 4 percent on Wednesday, wiping out gains from the previous day’s rally, as a strong dollar, tumbling gasoline prices and rising U.S.crude inventories bore down on the market.


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

  • 0700 Germany Industrial orders Sep
  • 1000 Euro zone Retail sales Sep
  • 1330 U.S. Weekly jobless claims

($1 = 121.4100 yen)

(Reporting by Yuka Obayashi; Editing by Richard Pullin)

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