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Wednesday, May 18, 2022

Tokyo rubber futures climb to 3-week high on oil rally

TOKYO, Feb 23 (Reuters) – Benchmark TOCOM rubber futures climbed to a 3-week high on Tuesday, extending gains into a third straight session, as an overnight rally in oil prices and stronger Tokyo equities market fed appetite for risk.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for July delivery JRUc6 0#2JRU: was up 1.7 yen, or 1.1 percent, at 157.1 yen ($1.39) per kg as of 0036 GMT, after touching a high of 157.7 yen, the highest since Feb 4. It gained 1.4 percent the previous day on firmer Shanghai futures. RUB/T

The February contract will expire on Tuesday.

China’s imports of natural rubber rose 2.4 percent in January from a year earlier,  according to China’s General Administration of Customs in official customs data.

MARKET NEWS

Oil markets settled up as much as 6 percent on Monday as peculation about falling U.S.shale output and a rally in equities fed the notion that crude prices may be bottoming after a 20-month collapse.
O/R

Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.2 percent in Tuesday trade after global stocks rallied the previous day, backed by a rise in oil and commodity prices. MKTS/GLOB

The U.S. dollar was quoted around 112.85 yen JPY= early on Tuesday. FRX/

DATA/EVENTS (GMT)

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

0700 Germany Detailed GDP Q4

0900 Germany Ifo business climate Feb

1400 U.S. S&P/Case-Shiller housing index Dec

1500 U.S. Existing home sales Jan

1500 U.S. Consumer confidence Feb

($1 = 112.8200 yen)

(Reporting by Yuka Obayashi; Editing by Michael Perry)

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