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Tuesday, October 26, 2021

Tokyo rubber futures fall 1 pct in early trade

TOKYO, Sept 12 (Reuters) – Benchmark TOCOM rubber futures fell more than 1 percent in early Asia trade on Monday following an extended decline in oil prices and weaker Japanese equities.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: had dropped 2.3 yen to 156.5 yen per kg by 0021 GMT, after settling up 0.7 yen on Friday.

Crude rubber inventories at Japanese ports stood at 8,429 tonnes as of Aug. 20, down 1.1 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Saturday.

MARKET NEWS

The U.S. dollar was quoted around 102.50 yen JPY= , compared with around 102.12 yen on Friday afternoon.

Japan’s benchmark Nikkei stock average .N225 was down 1 percent.

Oil prices extended declines on Monday amid projections that U.S.data is set to show a big rebound in crude inventories to offset an unexpected slump due to the impact of a tropical storm.

DATA/EVENTS (GMT)

No major data is expected on Monday.

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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