Benchmark TOCOM rubber futures rebounded on Tuesday (Mar 18) from losses in the previous session as a rise in Japan’s benchmark equities index supported buying.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for August delivery was up 1.5 yen at 235.8 yen per kg by 0018 GMT, after finishing 5.9 yen lower on Monday (Mar 17). U.S. manufacturing output recorded its largest increase in six months in February and factory activity in New York state expanded early this month, the latest signs the economy was gaining momentum after being dampened by severe weather.
The United States and European Union imposed personal sanctions on Monday (Mar 17) on Russian and Crimean officials involved in the seizure of Crimea from Ukraine as Russian President Vladimir Putin signed a decree recognising the region as a sovereign state.
The new leader of Thailand’s pro-government “red shirt” movement said on Monday (Mar 17) that his supporters would take to the streets in support of Prime Minister Yingluck Shinawatra if the elite or the courts dared try to oust her.
MARKET NEWS
The U.S. dollar was quoted around 101.91 yen early on Tuesday (Mar 18), after the safe- haven Japanese currency fell the previous day when the United States and the European Union imposed what investors saw as modest economic sanctions against Russia for its actions in Ukraine.
Japan’s benchmark Nikkei stock average rose 1.6 percent in Tuesday (Mar 18) trade, after U.S. equities rose overnight as concerns eased over the situation in Crimea and economic data indicated the U.S. economy was improving.
U.S. crude oil edged down on Tuesday (Mar 18) to hold just above $98 a barrel, falling for the second day in a row, as expectations of growing petroleum stockpiles in the world’s biggest oil user offset worries tied to tensions over Ukraine.
Source: Reuters
