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Thursday, October 21, 2021

Tokyo rubber futures stage tentative rebound after sharp slide

TOKYO, Sept 13 (Reuters) – Benchmark TOCOM rubber futures edged up on Tuesday after a decline of nearly 4 percent a day earlier, but gains were limited by a stronger yen against the dollar.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: rose 1.4 yen to 154.4 yen per kg by 0021 GMT, but remained near a 1-1/2 week low. The benchmark contract settled down 5.8 yen, or 3.7 percent, on Monday, the biggest percentage decline in two months, as a slump in global equities dampened investors’ risk appetite.

MARKET NEWS

The U.S. dollar was quoted around 101.72 yen JPY= , compared with around 102.25 yen on Monday afternoon. FRX/

Japan’s benchmark Nikkei stock average .N225 was up 0.6 percent. MKTS/GLOB

Oil prices ended nearly 1 percent higher on Monday as a softer dollar and stronger U.S.equity markets helped crude futures rebound from an early drop pressured by worries about increased drilling activity for oil in the United States.

DATA/EVENTS (GMT)

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

0900 Euro Zone Employment Q2

1000 U.S. NFIB Business Optimism Aug

1255 U.S. Redbook weekly

(Reporting by Osamu Tsukimori; Editing by Ed Davies)

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