TOKYO, Aug 8 (Reuters) – Benchmark TOCOM rubber climbed to a 2-week high on Tuesday as it extended gains into a fourth straight session, helped by an overnight gain in Shanghai futures.
FUNDAMENTALS
* The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was up 2.6 yen, or 1.2 percent, at 214.6 yen ($1.9) per kg at 0032 GMT. It touched its highest since July 26 at 214.7 yen earlier in the session.
* The most-active rubber contract on the Shanghai Futures Exchange, for January delivery, rose 155 yuan overnight to 16,105 yuan ($2,396) per tonne.
* Tesla Inc said on Monday it would raise about $1.5 billion through its first-ever offering of junk bonds as the U.S. luxury electric car maker seeks fresh sources of cash to ramp up production of its new Model 3 sedan.
MARKET NEWS
* Oil prices dipped on Monday as a rebound in production from Libya’s largest oil field prompted selling, and investors worried about higher output from OPEC and the United States.
* The U.S. dollar was little changed at around 110.78 yen in early Tuesday trade in Asia. Currencies were quieter as the dollar tried to keep a grip on the gains made after upbeat U.S. jobs data last week.
* Japan’s benchmark Nikkei stock average was steady on Tuesday. Strong economic data globally and healthy corporate earnings in the United States have supported equities, with the Dow industrials closing Monday at a ninth consecutive record high.
DATA/EVENTS (GMT)
* The following data is expected on Tuesday: (Time in GMT)
0130 Australia NAB business conditions index July
0600 Germany Trade data June
0645 France Trade data June
1000 U.S. Small-business confidence index July
1400 U.S. JOLTS Job openings June ($1 = 110.7400 yen) ($1 = 6.7207 Chinese yuan renminbi) (Reporting by Yuka Obayashi; Editing by Joseph Radford)
