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Sunday, June 4, 2023

Tokyo rubber futures slide to 4-month low on weaker oil

TOKYO, June 15 (Reuters) – Benchmark TOCOM rubber futures slid to a four-month trough on Wednesday, moving towards this year’s low on a slump in oil prices and the recent strength in the yen against the U.S.dollar amid concerns over Brexit.


The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was down 1.7 yen, or 1.1 percent, at 147.7 yen ($1.39) per kg as of 0041 GMT.It earlier dipped to its lowest since Feb. 15 at 146.7 yen.

U.S.retail sales rose strongly in May as Americans bought automobiles and a range of other goods, even as they paid more for gasoline, suggesting that economic growth was gaining steam despite a sharp slowdown in job creation.

The Federal Reserve is likely to raise U.S.interest rates in September and possibly as soon as July, according to a Reuters poll taken in the days after news of a sharp drop in hiring that has led some to worry that the economy is losing momentum.

Bank of Japan starts its two-day monetary policy meeting on Wednesday.A renewed spike in the yen is adding to headaches for policymakers meeting for a rate review, but many of them still appear to prefer holding off on expanding stimulus despite signs of weakening inflation.


Oil prices fell about 2 percent in extended trading on Tuesday as data showed a surprise build in U.S.crude inventories last week, adding to the market’s nervousness around Britain’s vote next week on whether to leave the European Union.

The U.S. dollar was little changed at 106.03 yen JPY= , having pulled back from an overnight low of 105.63. A drop below 105.55 would take the greenback to its lowest level since October 2014. FRX/

Japan’s benchmark Nikkei stock average (XC0009692440) was down 0.6 percent in Wednesday trade, after Wall Street ended with losses on Brexit fears. MKTS/GLOB


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

0900 Euro zone Eurostat trade Apr

1230 U.S. New York Fed manufacturing Jun

1315 U.S. Industrial output May

1800 Federal Open Market Committee releases policy statement

1830 Fed Chair Janet Yellen holds news conference Bank of Japan starts two-day monetary policy meeting

($1 = 105.9800 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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