Benchmark TOCOM rubber futures slipped on Thursday (Mar 6), coming off a two-week high hit a day earlier, as data indicating slowing growth in parts of the world and a tumble in U.S. oil prices weighed on prices.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery was down 2.3 yen at 231.2 yen per kg by 0022 GMT, after finishing 7.7 yen higher on Wednesday (Mar 5).
The contract rose as much as 10 yen on Wednesday (Mar 5) to an intra-day high of 235.8 yen, the highest since Feb. 19.
Business activity across emerging markets expanded in February at the slowest pace in five months, weighed down by weaker manufacturing in big developing countries such as Russia and China, a survey showed on Thursday (Mar 6).
Severe weather across much of the United States took a toll on shopping and consumer spending in recent weeks, leading to slower economic growth or outright contraction in some areas of the country, the Federal Reserve said on Wednesday (Mar 5).
A few hundred Thai anti-government protesters marched on the headquarters of the ruling party on Wednesday (Mar 5), while rice farmers remained camped in another part of the capital demanding money owed by the state.
MARKET NEWS
The U.S. dollar was quoted around 102.44 yen early on Thursday (Mar 6), pulling further away from a one-month low hit on Monday (Mar 3).
Japan’s benchmark Nikkei stock average ticked up 0.2 percent in Thursday (Mar 6) trade, as lessening tensions in Ukraine and the weaker yen, which supports exporters, lifted sentiment for the index.
Crude oil prices slid nearly $2 per barrel on Wednesday (Mar 5) as U.S. government statistics showed weaker oil demand as Europe and the United States head into spring and oil refiners move into maintenance season.
Reuters
