TOKYO, Aug 1 (Reuters) – Benchmark TOCOM rubber futures slipped to a two-week low on Tuesday, retreating after a small gain in the previous session on the back of firm oil prices.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for January delivery touched a two-week low of 202.3 yen, before partly recovering to be down 0.3 percent at 205.0 yen ($1.86) per kg by 0025 GMT.
MARKET NEWS
* Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela’s oil sector and as supply concerns have waned in recent weeks.
* The U.S. dollar was quoted around 110.33 yen, compared with around 110.57 yen on Monday afternoon.
* Japan’s benchmark Nikkei stock average was little changed.
* The price of copper hit a two-year peak on Monday on upbeat manufacturing data in top consumer China, while nickel hit a near four-month high on renewed supply worries and soaring steel prices.
DATA/EVENTS (GMT)
* The following data is expected on Tuesday: (Time in GMT)
– 0900 Euro Zone GDP Flash Q2
– 1230 U.S. Personal consump Real June
– 1255 U.S. Redbook weekly
– 1400 U.S. ISM Manufacturing PMI July
– 1430 U.S. Texas Serv Sect Outlook July
– 1930 U.S. Domestic Car, Truck Sales July ($1 = 110.3300 yen) (Reporting by Osamu Tsukimori; Editing by Richard Pullin)
