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Wednesday, January 26, 2022

Tokyo rubber futures rise 3 pct on weak yen, stronger oil prices

TOKYO, Nov 16 (Reuters) – Benchmark TOCOM rubber futures climbed more than 3 percent on Wednesday, extending gains on a weaker yen and a 6-percent jump in oil prices overnight.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: had risen 6.3 yen to 206.6 yen per kg by 0000 GMT, after settling up 2.6 yen on Tuesday.

MARKET NEWS

The U.S. dollar was quoted near a 5-1/2 month peak of 109.03 yen JPY= , compared with around 107.98 yen on Tuesday afternoon. USD/

Japan’s benchmark Nikkei stock average .N225 opened up 0.9 percent. MKTS/GLOB

Copper prices fell on Tuesday, as the dollar steadied around 11-month highs and traders took profits made after a week-long rally fuelled by Donald Trump’s U.S.election victory.

Oil prices jumped 6 percent on Tuesday on renewed expectations that OPEC will agree later this month to reduce a global supply glut. O/R

DATA/EVENTS (GMT)

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

1415 U.S. Industrial output Oct

1500 U.S. NAHB housing market index Nov

2100 Federal Reserve Chair Janet Yellen attends meeting of Financial Stability Oversight Council

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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