TOKYO, Oct 3 (Reuters) – Benchmark TOCOM rubber futures rose on Monday, supported by a weaker yen against the U.S.dollar, while oil prices last week posted a second straight monthly gain on OPEC’s planned output cuts.
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 0.5 yen, or 0.3 percent, at 163.8 yen ($1.62) per kg as of 0024 GMT, after falling 3.4 percent last week, the sharpest decline in more than a month. RUB/T
Deutsche Bank (DB) is throwing its energies into reaching a settlement before next month’s presidential election with U.S.authorities demanding a fine of up to $14 billion for mis-selling mortgage-backed securities.
India’s natural rubber imports in August surged 27 percent from a year ago to 47,540 tonnes, the state-run Rubber Board said on Friday, as lower prices in the overseas market prompted tyre makers to raise purchases.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.6 percent from the previous Friday, the exchange said on Friday.
Chinese markets will remain closed for a week on the long National Day holiday.
Soothed concerns surrounding Deutsche Bank helped the dollar climb 0.34 percent against the yen to 101.35 yen JPY= .A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
Japan’s benchmark Nikkei stock average .N225 began the new quarter cautiously firmer on Monday. MKTS/GLOB
Oil prices settled mixed on Friday while posting their second straight monthly gain on OPEC’s planned output cuts, even as skepticism about the cartel’s pledge grew after data suggested another record high in its production.
The following data is expected on Monday: (Time in GMT)
0755 Germany Markit/BME manufacturing PMI Sep
0800 Euro zone Markit manufacturing PMI final Sep
1400 U.S. Construction spending Aug
1400 U.S. ISM manufacturing PMI Sep
($1 = 101.4200 yen)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)