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Monday, October 18, 2021

Tokyo rubber futures extend gains on weaker yen

TOKYO, Sept 14 (Reuters) – Benchmark TOCOM rubber futures rose for a second day on Wednesday as the yen fell against the dollar after a report that the Bank of Japan is mulling further monetary easing, but the gains were limited by a slide in oil prices.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: rose 2.5 yen to 156.4 yen per kg by 0048 GMT, after settling up 0.9 yen on Tuesday.

MARKET NEWS

The U.S. dollar was quoted around 102.83 yen JPY= , compared with around 101.80 yen on Tuesday afternoon. USD/

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

Oil prices fell as much as 3 percent on Tuesday after both the world’s energy watchdog and OPEC revised forecasts that signalled the global crude glut could persist for much longer than expected.

DATA/EVENTS (GMT)

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

0900 Euro zone Industrial production Jul

1230 U.S. Import prices Aug

1230 U.S. Export prices Aug

(Reporting by Osamu Tsukimori; Editing by Ed Davies)

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