TOKYO, Dec 21 (Reuters) – Benchmark TOCOM rubber futures rose more than 2 percent in early trade on Wednesday as a 3.5 percent plunge in the previous session aided buying.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: rose 6.1 yen to 272.8 yen ($2.31) per kg by 0044 GMT, after giving up 9.6 yen, or 3.5 percent, on Tuesday.
The contract plunged to a one-week low in the previous session, dragged down by position adjustments following a slide in Shanghai futures.
The contract for December delivery is set to expire after the settlement on Wednesday.
MARKET NEWS
The U.S. dollar was quoted around 117.86 yen JPY= , little changed from Tuesday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 0.4 percent. MKTS/GLOB
Oil prices rose on Tuesday but settled below session highs after Libya announced the reopening of pipelines after a two-year blockade that ended earlier this month.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
1500 Euro zone Consumer confidence flash Dec
1500 U.S. Existing home sales Nov
($1 = 117.8500 yen)
(Reporting by Osamu Tsukimori; Editing by Amrutha Gayathri)
