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TOKYO, Oct 30 (Reuters) – Benchmark TOCOM rubber futures edged lower on Friday following weaker oil prices and as investors unwound long positions ahead of the weekend, putting the contract on track for a third weekly fall amid worries about oversupply in Asia.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: had fallen 1.1 yen, or 0.7 percent, to 160.8 yen per kg by 0056 GMT, after rising for a second session the previous day.For the week, it was headed for a drop of about 3 percent.
Data showed U.S. economic growth slowed sharply in the third quarter as businesses cut back on restocking while contracts to buy previously owned U.S.homes fell unexpectedly in September.
Goodyear Tire & Rubber Co (GT) , the largest U.S.tyremaker, reported a steeper-than-expected fall in quarterly revenue, hurt by a strong dollar.
MARKET NEWS
U.S.crude rose slightly while Brent dipped on Thursday, as traders tried to discern the oil market’s direction a day after prices rallied the most in two months even as supplies kept growing.
Copper hit a three-week low on Thursday amid concern about global demand after data showed weaker U.S. economic growth and as investors weighed the prospect of higher U.S.interest rates.
The yen was treading water at around 120.95 yen JPY= to the U.S.dollar ahead of the Bank of Japan’s monetary policy decision later in the day.
Japan’s benchmark Nikkei stock average (XC0009692440) was steady in Friday trade ahead of the BOJ policy decision.Wall Street overnight posted losses but were still on track for their best monthly performance in four years.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0700 Germany Retail sales Sep
0745 France Consumer spending Sep
1000 Euro zone Inflation Oct
1000 Euro zone Unemployment rate Sep
1230 U.S. Personal consumption Sep
1230 U.S. Employment wages Q3 1345 U.S. Chicago PMI Oct
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
