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Friday, January 28, 2022

Tokyo rubber futures climb on short-covering, set for weekly gain

TOKYO, June 17 (Reuters) – Benchmark TOCOM rubber futures climbed on Friday as investors unwound short positions after a slide in the yen from a nearly two-year high hit the previous day, putting them on track for the first weekly gain in eight weeks.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was up 1.0 yen, or 0.7 percent, at 148.9 yen ($1.42) per kg as of 0036 GMT, after losing 1.3 percent the day before. For the week, it was headed for a 0.6-percent rise.

The Bank of Japan (BOJ) refrained from offering additional monetary stimulus on Thursday despite anaemic inflation and weak global growth, sending the yen spiking to a two-year high.

Volkswagen (VLKPF) will invest billions of euros in electric cars, ride-hailing and automated driving to become a world leader in green transport by 2025, it said on Thursday, as it reshapes its business following its diesel emissions scandal.

MARKET NEWS

The yen jumped to its strongest in nearly two years versus the dollar after the BOJ held off from further easing monetary policy.

The yen stood at 104.67 yen JPY= early on Friday, having risen as far as 103.555 – a high not seen since Aug.2014.

Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.6 percent in Friday trade after Wall Street snapped a five-day losing streak the previous day. MKTS/GLOB

Oil prices slumped about 4 percent and hit one-month lows on Thursday, settling down for a sixth straight day, on fears of global economic turmoil if Britain exits the European Union.

DATA/EVENTS (GMT)

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

0800 Euro zone Current account Apr

0900 Euro zone Labour costs Q1

1230 U.S. Housing starts May

1230 U.S. Building permits May

($1 = 104.6300 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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