TOKYO, Nov 25 (Reuters) – New benchmark TOCOM rubber futures rose on Friday, hovering near their highest in about 1-1/2 years and on track for a weekly gain of more than 14 percent, boosted as the yen fell to multi-month lows against the dollar.
FUNDAMENTALS
The Tokyo Commodity Exchange’s (TOCOM) new rubber contract, for May delivery JRUc6 0#2JRU: , was up 1.0 yen, or 0.4 percent, at 239.5 yen ($2.11) per kg as of 0037 GMT. It opened at 238.5 yen
It was heading for a weekly gain of 14.3 percent, which would mark the biggest such leap in two weeks.
TOCOM’s November contract expired at 228.8 yen on Thursday.
Crude rubber inventories at Japanese ports stood at 6,219 tonnes as of Nov.
10, down 10.7 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Thursday.
MARKET NEWS
The U.S. dollar rose to an eight-month high against the yen on Friday, extending its rally since Donald Trump’s victory in the U.S. Presidential election stoked speculation of higher U.S.economic growth and inflation.
The dollar was quoted around 113.52 yen JPY= in early Friday trade. USD/
Japan’s benchmark Nikkei stock average (XC0009692440) climbed 0.5 percent on Friday, helped by hopes for better exporters’ earnings amid the rising dollar against the yen. MKTS/GLOB
Oil prices were little changed on Thursday ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production.
Zinc prices jumped to their highest in more than eight years on Thursday and copper headed towards its 2016 peak as funds piled in on expectations of stronger demand and tighter supplies. MET/L
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0745 France Consumer confidence Nov
0930 Britain GDP 2nd release Q3
1330 U.S. Advance goods trade balance Oct
1445 U.S. Markit services PMI flash Nov
($1 = 113.6600 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
