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Thursday, October 28, 2021

Tokyo rubber futures rise on firmer oil, weaker yen

TOKYO, Oct 4 (Reuters) – Benchmark TOCOM rubber futures climbed on Tuesday on firmer oil prices and a lower yen against the U.S.dollar, but trade was light as Chinese markets are shut this week for the National Day holiday.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 0.7 yen, or 0.4 percent, at 164.1 yen ($1.61) per kg as of 0036 GMT, after ending steady the previous day. RUB/T

Major automakers posted September U.S. sales on Monday that were slightly lower than a year ago, despite big consumer discounts, as pickup truck volumes fell for both General Motors Co GM.N and Ford Motor Co F.N.

MARKET NEWS

Oil rose more than 1 percent on Monday, with Brent settling above $50 a barrel the first time since August and U.S.crude hitting three-month highs, after Iran exhorted the need for other oil producers to join OPEC in supporting the market.

The U.S. dollar was quoted around 101.96 yen JPY= , gaining on data showing the U.S.manufacturing sector grew by more than expected in September.

A weaker yen makes yen-denominated assets more affordable when purchased in other currencies. USD/

Japan’s benchmark Nikkei stock average .N225 was up 0.6 percent, helped by a softer yen. MKTS/GLOB

DATA/EVENTS (GMT)

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

0900 Euro zone Producer prices Aug

1345 U.S. ISM-New York index Sep

($1 = 101.9500 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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