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Friday, January 28, 2022

Tokyo rubber futures rebound on bargain-hunting

TOKYO, June 13 (Reuters) – Benchmark TOCOM rubber futures rose on Monday, snapping a 4-day losing streak, as investors looked for bargains after prices touched a four-month low last Friday and fell for the seventh week in a row amid worries over slow demand in top buyer China.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was up 1.9 yen, or 1.3 percent, at 149.9 yen ($1.41) per kg as of 0046 GMT, after dipping to a 4-month low last Friday and marking its longest losing streak since February 2014. RUB/T

MARKET NEWS

The U.S. dollar was quoted around 106.61 yen JPY= early on Monday, hovering at near the Friday’s low. FRX/

Japan’s benchmark Nikkei stock average (XC0009692440) was down 2.1 percent in Monday trade, after a slide in Wall Street share prices (US78378X1072) on Friday, amid rising worries about the global economy ahead of Britain’s referendum on whether to stay in the European Union. .N

Oil prices settled down 3 percent on Friday after data showing the U.S.oil drilling rig count rising for a second week in row and a stronger dollar weighed on demand for greenback-denominated crude futures.

DATA/EVENTS (GMT)

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

  • 0200 China Industrial output May
  • 0200 China Retail sales May
  • 0200 China Urban investment May

($1 = 106.5400 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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