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Thursday, October 28, 2021

Tokyo rubber futures climb on oil surge after OPEC deal

TOKYO, Sept 29 (Reuters) – Benchmark TOCOM rubber futures climbed on Thursday, buoyed by a surge in oil prices after OPEC struck a deal to limit crude output at its policy meeting in November, boosting investor risk appetite.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 1.6 yen, or 1.0 percent, at 166.2 yen ($1.64) per kg as of 0056 GMT, recovering from a low of 163.4 yen in an evening session the previous day, which is considered a part of Thursday session.

OPEC agreed on Wednesday to modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

Auto industry consultancy Kelley Blue Book said on ednesday it expected that September U.S. auto sales fell 2 percent from a year ago, at 1.41 million vehicles, for a seasonally adjusted annualised rate of 17.4 million vehicles.

MARKET NEWS

Oil prices settled up nearly 6 percent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply.

Japan’s benchmark Nikkei stock average (XC0009692440) rose about one percent on Thursday in tandem with an oil price rally after OPEC members agreed to curb output – boosting investor risk appetite. MKTS/GLOB

The U.S. dollar was up 0.24 percent against the yen at 100.67 yen JPY= . USD/

DATA/EVENTS (GMT)

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

0755 Germany Unemployment rate Sep

0900 Euro zone Business climate Sep

1200 Germany Consumer prices Sep

1230 U.S. Wholesale inventory Aug

1230 U.S. GDP Final Q2

1230 U.S. Weekly jobless claims

1400 U.S. Pending home sales Aug

($1 = 101.0500 yen)

(Reporting by Yuka Obayashi; Editing by Michael Perry)

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