TOKYO, Dec 22 (Reuters) – New benchmark TOCOM rubber futures climbed on Thursday as investors unwound short positions ahead of a Japanese national holiday on Friday, but the contract was still heading for its first weekly drop in three weeks.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for new June delivery JRUc6 0#2JRU: was at 273.0 yen ($2.32) per kg at 0048 GMT, up 2.5 yen from an opening price of 270.5 yen. For the week, it was on track for a decline of about 3.7 percent. RUB/T
The contract for December delivery expired on Wednesday, settling down 0.9 yen at 266 yen.
Japan’s cabinet approved on Thursday a record $830 billion spending budget for fiscal 2017 that counts on low interest rates and a weak yen to limit borrowing, underscoring the challenge Tokyo faces in curbing the industrial world’s heaviest debt burden.
India’s natural rubber imports in November jumped 22.4 percent from a year ago to 43,123 tonnes, even as production rose 19 percent, the state-run Rubber Board said in a statement on Wednesday.
Honda Motor Co 7267.T said on Wednesday it had entered into formal talks with Alphabet Inc’s GOOGL.O new self-driving division Waymo to add self-driving technology to its vehicles, marking the second potential customer for the automation software.
MARKET NEWS
The U.S. dollar shed 0.3 percent to 117.52 yen JPY= , as some traders reduced their dollar holdings on profit-taking in light volume ahead of a big batch of U.S. economic data due on Thursday and the Christmas holiday.[ FRX/]
Oil futures fell on Wednesday after Libya said it expected to boost production over the next few months and a report showing a surprise build in U.S.crude inventories last week.
Japan’s benchmark Nikkei stock average (XC0009692440) inched lower on Thursday after Wall Street edged down overnight. MKTS/GLOB
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
0700 Germany Import prices Nov
1330 U.S. Durable goods Nov
1330 U.S. GDP Final Q3
1330 U.S. Weekly jobless claims
1330 U.S. National activity index Nov
1400 U.S. Monthly home price index Oct
1500 U.S. Personal income Nov
1500 U.S. Leading index Nov
($1 = 117.5500 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
