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Tuesday, December 7, 2021

Tokyo rubber futures dip to 6-year low, poised for 4th weekly loss

TOKYO, Nov 6 (Reuters) – Benchmark TOCOM rubber futures fell for a fifth session to a fresh 6-year low on Friday, weighed down by fears of softer demand in top buyer China and weaker commodities prices, but trade was thin ahead of key U.S.jobs data.
The contract is on track for a fourth weekly loss.

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: was down 0.9 yen, or 0.6 percent, at 154.0 yen ($1.27) per kg by 0048 GMT, after touching a low of 153.2 yen, the lowest level since July 2009.
  • The contract is headed for a weekly loss of nearly 4 percent.
  • The median forecast for October nonfarm payrolls in a Reuters poll of economists is an increase of 180,000, above slightly sluggish job growth of 142,000 in September.The data is due at 1330 GMT.
  • British new car registrations suffered their first annual decline for 3-1/2 years in October, with diesel registrations down over 2 percent, while scandal-hit Volkswagen lost ground as market growth slowed across Western Europe.

MARKET NEWS

  • Oil settled down as much as 2 percent on Thursday as an oversupply of crude and weak gasoline prices extended the previous session’s rout. O/R
  • Copper slid to its lowest in a month on Thursday and other base metals also slipped on the prospects of a December U.S.interest rate hike, which boosted the dollar.
  • The U.S dollar was quoted around 121.64 yen JPY= early on Friday, with investors on tenterhooks to see whether upcoming U.S.job data will be strong enough to cement rising expectations of a Federal Reserve interest rate hike next month.
  • Japan’s benchmark Nikkei stock average (XC0009692440) was up 0.5 percent in Friday trade as investors waited for the non-farm payrolls report. MKTS/GLOB

DATA/EVENTS (GMT)

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

  • 0700 Germany Industrial output Sep
    0745 France Trade data Sep
  • 1330 U.S. Nonfarm payrolls Oct
  • 1330 U.S. Unemployment rate Oct
  • 2000 U.S. Consumer credit Sep

    ($1 = 121.6500 yen)

    (Reporting by Yuka Obayashi; Editing by Richard Pullin)

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