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TOKYO: Benchmark TOCOM rubber futures ticked up on Tuesday as strong gains in crude oil and a weaker yen lifted buying sentiment for the soft commodity.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for November delivery <0#2JRU:> was up 1.1 yen at 194.9 yen per kg by 0014 GMT, after finishing 0.8 yen higher on Monday.
* Fast Retailing Co Ltd‘s Uniqlo casual clothing chain will raise prices on many items by around 5 percent from August at its Japanese stores due to rising procurement costs, the Nikkei business daily reported on Tuesday.
* St. Louis Federal Reserve Bank President James Bullard said on Monday the falling U.S. unemployment rate, together with other encouraging economic data, could prompt him to move forward his view on when interest rates should be raised.
MARKET NEWS
* The U.S. dollar was quoted around 102.49 yen early on Tuesday, holding on to gains from Monday when a rise in U.S. government bond yields underpinned support for the greenback.
* Japan’s benchmark Nikkei stock average edged up 0.1 percent in Tuesday trade, after the Dow Jones industrial average and S&P 500 each ended at record highs again on Monday.
* Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while U.S. crude rose by nearly $2, as strong Chinese and U.S. data pointed to healthy economic growth and higher demand for oil from the world’s top two consumers.
– Reuters
