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Monday, January 24, 2022

Tokyo rubber futures surge to 1-week high as Brexit anxiety eases

TOKYO, June 20 (Reuters) – Benchmark TOCOM rubber futures surged to a 1-week high on Monday as growing expectations of Britain voting to remain in the European Union boosted risk appetite and after oil prices jumped about 4 percent on Friday.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was up 5.5 yen, or 3.7 percent, at 156.0 yen ($1.49) per kg as of 0040 GMT, hitting the highest since June 9. It climbed 1.7 percent last week, snapping a seven-week losing streak. RUB/T

Campaigning for Britain’s vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker, but pledges of a more respectful tone were quickly tested by a fresh row over immigration.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.1 percent from the prior Friday, the exchange said on Friday.

MARKET NEWS

Oil prices extended gains on Monday, after jumping about 4 percent last Friday, as a weaker dollar and easing worries over Britain’s possible exit from the EU helped buy back the commodity after six straight days of declines.

Japan’s benchmark Nikkei stock average (XC0009692440) was up 2.4 percent in Monday trade as rising expectations of Britain voting to remain in the EU lifted risk sentiment and the pound jumped against its peers. MKTS/GLOB

The safe-haven yen, which had soared to a 22-month high of 103.555 per dollar last week on Brexit woes, pulled back to 104.650 yen JPY= . FRX/

DATA/EVENTS (GMT)

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

0600 Germany Producer prices May

($1 = 104.7300 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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