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TOKYO, Dec 20 (Reuters) – Key TOCOM rubber futures fell on Thursday from a seven-month high, as crude oil and global shares slipped after talks to avoid a fiscal crisis in the United States turned sour.
FUNDAMENTALS
* The most-active Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> had dropped 3.4 yen, or 1.3 percent, to 284.1 yen per kg at 0041 GMT.
The contract fell as low as 284 yen, after snapping four days of gains, when it had increased 4 percent by Wednesday’s close, on the back of a decline in the yen. Earlier on Wednesday, the contract reached its highest level since May.
* Talks to avoid a U.S. fiscal crisis stalled on Wednesday as President Barack Obama accused opponents of holding a personal grudge against him while the top Republican negotiator called the president “irrational”.
MARKET NEWS
* The yen languished near 20-month lows against its U.S. peer on Thursday, but trading was choppy in thin conditions with yen bears possibly suffering a case of cold feet as the Bank of Japan’s policy decision loomed.
* Japan’s benchmark Nikkei average opened down 0.66 percent at 10,093.11 on Thursday, while the broader Topix shed 0.23 percent to 837.38.
* U.S. crude futures fell on Thursday, remaining below $90 a barrel, as investors took profits from recent gains.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
0300 Japan BOJ rate decision
1330 U.S. Jobless claims Weekly
1330 U.S. GDP Weekly
1530 U.S. EIA natural gas stocks
0930 U.K. Retail sales for November
N/A ECB Governing Council and General Council meeting
1500 U.S. Existing home sales for November (Reporting by Aaron Sheldrick; Editing by Joseph Radford)
Source: Reuters
