Benchmark TOCOM rubber futures rose for the third straight session on Thursday (Apr 17), as gains in Japan’s benchmark equities index provided support.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for September delivery was up 0.6 yen at 218.4 yen per kg by 0053 GMT, after finishing 2.3 yen higher on Wednesday (Apr 16).
Bank of Japan Governor Haruhiko Kuroda said on Thursday (Apr 17) that the central bank will adjust monetary policy when needed, taking into account risks to the economy and prices.
Persistently low inflation poses a more immediate threat to the U.S. economy than rising prices, Federal Reserve Chair Janet Yellen said on Wednesday (Apr 16), stressing that the U.S. central bank would be delivering policy stimulus for some time to come.
A few physical cargoes of Indonesian and Malaysian tyre grades were traded this week, dealers said on Wednesday, but prices came under pressure because of uncertainty over demand and slower economic growth in top consumer China.
MARKET NEWS
The U.S. dollar was quoted around 102.14 yen early on Thursday (Apr 17), down slightly after rising on Wednesday when comments from Japan’s finance minister were seen as suggesting more equities buying by a major government pension fund.
Japan’s benchmark Nikkei stock average rose 0.4 percent in Thursday trade, following the comments of Japan’s central bank head.
Brent crude rose toward $110 a barrel on Wednesday (Apr 16) on mounting tensions in Ukraine, while prices for U.S. oil were nearly unchanged after a report showed a huge build in stockpiles, which cancelled out geopolitical concerns.
-Reuters
