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Tokyo rubber futures bounce back after oil rally

TOKYO, Feb 25 (Reuters) – Benchmark TOCOM rubber futures bounced back on Thursday after an overnight rally in oil prices and a fall in the yen against the dollar helped improve market sentiment.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was up 1.3 yen, or 0.8 percent, at 155.5 yen ($1.39) per kg as of 0035 GMT, after snapping a three-day winning streak the previous day. RUB/T

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MARKET NEWS

Oil rallied as much as 3 percent on Wednesday with Brent prices helped by news of stalled loadings for the United Kingdom’s North Sea oil while U.S.crude futures rose after strong demand for gasoline offset worries about record high crude inventories.

The U.S. dollar was quoted around 112.07 yen JPY= early on Thursday, after the yen gained overnight as oil prices and British exit fears drove interest in the currency. FRX/

Japan’s benchmark Nikkei stock average (XC0009692440) rose 0.7 percent in Thursday trade after a sharp rebound in crude prices lifted stocks on Wall Street the previous day at the close. MKTS/GLOB

DATA/EVENTS (GMT)

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

0700 Germany GfK consumer sentiment Mar

0930 Britain GDP 2nd release Q4

1000 Euro zone Inflation final Jan

1330 U.S. Durable goods orders Jan

1330 U.S. Weekly jobless claims

1400 U.S. Monthly home price index Dec

($1 = 112.0600 yen)

(Reporting by Yuka Obayashi; Editing by Richard Pullin)

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