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TOKYO, Nov 29 (Reuters) – Key TOCOM rubber futures rebounded early on Thursday from a one-week low in the previous session, tracking a weaker yen and rises in shares, although concerns about sluggish demand in China capped gains.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> was up 1.2 yen, or 0.5 percent, at 256.6 yen per kg as of 0015 GMT. The benchmark contract rose as high as 257.3 yen.
* Toyota Motor Corp U.S. executive Jim Lentz said consumers purchasing new vehicles to replace those lost during Superstorm Sandy will mean strong November U.S. auto sales.
MARKET NEWS
*The yen eased to 82.14 against the U.S. dollar from a one-week high of 82.02.
* Nikkei average advanced in early trade as investors took comfort from comments by the top Republican in U.S. Congress that he was optimistic on averting the so-called “fiscal cliff”.
* U.S. crude futures fell for a third straight session on Wednesday as concerns about fuel demand outweighed optimism about a potential deal to resolve the U.S. budget crisis.
DATA EVENTS
* The following data is expected on Thursday:
– 0855 Germany Unemployment rate Nov
– 1000 Euro zone Business climate Nov
– 1000 Euro zone Economic sentiment Nov
– 1330 U.S. Weekly jobless claims
– 1330 U.S. GDP Q3
– 1500 U.S. Pending home sales Oct
(Reporting by Yuko Inoue; Editing by Richard Pullin)
Source: Reuters
