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Monday, October 18, 2021

Tokyo rubber futures pull back from 1-week low on jump in oil

TOKYO, Sept 8 (Reuters) – Benchmark TOCOM rubber futures edged higher on Thursday, pulling back from a 1-week low hit the previous day as a jump in oil prices prompted short-covering.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: was up 0.6 yen, or 0.4 percent, at 156.7 yen ($1.54) per kg by 0046 GMT, after sliding to its lowest since Sept.1 the previous day.

China’s trade report on Thursday should offer some guidance on the state of global demand.So far, Asia’s trade recession shows no sign of abating and economists polled by Reuters expect China’s exports fell 4 percent in August, a similar rate to July.

According to the Fed’s Beige Book report of anecdotal information collected from business contacts, the U.S.economy expanded modestly in July and August.

But there was little sign that wage pressures were being felt beyond highly-skilled jobs, which the Fed is looking for to push inflation higher.

MARKET NEWS

U.S. crude prices soared nearly 3 percent on Wednesday in post-settlement trading after U.S.inventory data showed what might be the largest weekly stock draw in over three decades.

The yen remained firm at 101.81 per dollar JPY= due in part to talk the Bank of Japan’s board was struggling to agree on a common front for more easing at its policy review later this month. MKTS/GLOB

Japan’s benchmark Nikkei stock average (XC0009692440) inched down in Thursday trade, after Wall Street edged lower the previous day. MKTS/GLOB

DATA/EVENTS (GMT)

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

China Trade data Aug

1145 European Central Bank announces policy meeting outcome

1230 U.S. Weekly jobless claims

1900 U.S Consumer credit Jul

($1 = 101.7100 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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