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Thursday, October 21, 2021

Tokyo rubber futures edge higher on Shanghai gain

TOKYO, Sept 28 (Reuters) – Benchmark TOCOM rubber futures edged up on Wednesday as an overnight gain in Shanghai futures outweighed a firmer yen, but trading was light ahead of a week-long Chinese holiday in early October.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 0.4 yen, or 0.2 percent, at 164.9 yen ($1.64) per kg at 0056 GMT, after falling to a one-week low of 162.9 yen earlier in the session.

The most-active rubber contract on the Shanghai Futures Exchange, for January delivery SNRcv1 , rose 180 yuan to 13,420 yuan ($2,012.27) per tonne in overnight trade.

September U.S. auto sales are forecast to drop nearly 1 percent from a year ago despite a record high for consumer discounts, J.D.Power and LMC Automotive said on Monday.

MARKET NEWS

The U.S. dollar JPY= traded at 100.41 yen in early Wednesday trade, having dropped from Tuesday’s high of 100.99 and holding near a one-month low of 100.085 also touched on Tuesday. USD/

Japan’s benchmark Nikkei stock average .N225 was down 1.2 percent, pressured by a stronger yen. MKTS/GLOB

Oil prices rose early on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S.crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.

DATA/EVENTS (GMT)

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

0600 Germany GfK consumer sentiment Oct

0645 France Consumer confidence Sep

1230 U.S. Durable goods Aug

($1 = 6.6691 Chinese yuan renminbi)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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