TOKYO, Aug 2 (Reuters) – Benchmark TOCOM rubber futures on Wednesday hovered near a two-week low hit a day earlier amid thin volumes.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for January delivery was unchanged at 204.9 yen ($1.85) per kg by 0017 GMT.
MARKET NEWS
* Oil dropped about 2 percent from a two-month high on Tuesday as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast.
* The U.S. dollar was quoted around 110.43 yen, compared with around 110.20 yen on Tuesday afternoon.
* Japan’s benchmark Nikkei stock average was up 0.5 percent.
* Copper prices held near two-year highs on Tuesday, supported by expectations of stronger demand from top consumer China, where a government-led infrastructure push has led to robust activity in the construction sector.
DATA/EVENTS (GMT)
* The following data is expected on Wednesday: (Time in GMT)
– 0900 Euro Zone Producer Prices June
– 1100 U.S. MBA Mortgage Market index weekly
– 1215 U.S. ADP National Employment Jul
– 1345 U.S. ISM-New York Index Jul
($1 = 110.4800 yen)
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
