TOKYO, Aug 28 (Reuters) – Benchmark TOCOM rubber futures for new February delivery hit a three-month high on Monday, but were trading off their opening price, hit by the strength of the yen currency against the U.S. dollar.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for February delivery debuted at 219.5 yen to reach as much as 219.9 yen, its highest since May 26. By 0011 GMT, it was trading down 0.2 percent from the opening price of 219.1 yen per kg.
* A stronger yen makes Japanese currency-denominated assets more expensive when purchased in other currencies.
MARKET NEWS
* U.S. oil prices were down 16 cents at $47.71 a barrel. U.S. gasoline prices soared more than 6 percent to their highest in more than two years as Tropical Storm Harvey caused widespread flooding in Houston and shut down refineries.
* The U.S. dollar was quoted around 109.30 yen, compared with around 109.64 yen on Friday afternoon.
* Japan’s benchmark Nikkei stock average was up 0.2 percent.
* Copper futures retreated from their highest levels in 33 months on Friday, as investors locked in profits from a rally and adjusted positions before a long weekend.
DATA/EVENTS (GMT)
* Data expected on Monday (time in GMT):
– 1230 U.S. Adv Good Trade Balance Jul
– 1430 U.S. Dalls Fed Mfg Bus Idx Aug
(Reporting by Osamu Tsukimori; Editing by Clarence Fernandez)
