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Thursday, May 26, 2022

Tokyo rubber futures edge lower amid worries over China stocks

TOKYO, Feb 26 (Reuters) – Benchmark TOCOM rubber futures edged lower on Friday, weighed down by worries about a steep fall in Shanghai share prices and position adjustments ahead of G20 talks, but were still headed for a second weekly gain.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for August delivery JRUc6 0#2JRU: was down 0.8 yen, or 0.5 percent, at 155.2 yen ($1.37) per kg as of 0040 GMT, after rising 1.2 percent the previous day. RUB/T

For the week, it was on track for more than one percent gain after a four percent rise last week.

Crude rubber inventories at Japanese ports stood at 13,887 tonnes as of Feb. 10, up 7.9 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Friday.

The world’s financial leaders will meet in Shanghai starting on Friday to discuss ways to calm global markets and spur economic growth, and are likely to declare their readiness to take action if conditions worsen.

Japan’s core consumer prices were unchanged in January from a year earlier, suggesting that persistent falls in energy costs will keep inflation well below the central bank’s 2 percent target.

MARKET NEWS

China stocks tumbled more than 6 percent on Thursday, posting their biggest one-day loss in a month, as investors booked profits after the market’s recent rebound.

The yen was broadly softer early on Friday as demand for the safe-haven currency waned after a rebound in oil prices helped spur a rally on Wall Street. FRX/

Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.6 percent in Friday trade following a firmer finish on Wall Street and as investors awaited a meeting of Group of 20 finance leaders that will likely offer words of reassurance, even if little in the way of actual policy stimulus. MKTS/GLOB

Crude oil futures jumped 3 percent on Thursday, reversing earlier loses after confirmation of a meeting of major producers and news of project delays and job cuts in the industry.

DATA/EVENTS (GMT)

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

0130 China house prices Jan

0745 France consumer spending Jan

0745 France producer prices Jan

1000 Euro zone business climate Feb

1000 Euro zone consumer confidence

1330 U.S. GDP estimate Q4

1330 U.S. Core, PCE PCE prelim Q4

1500 U.S. U Mich sentiment final Feb

($1 = 113.1100 yen)

(Reporting by Yuka Obayashi; Editing by Richard Pullin)

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