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TOKYO, Oct 31 (Reuters) – Key TOCOM rubber futures edged up on Wednesday, snapping three days of losses, getting support from the strength of Asian stock markets and a weaker yen against the dollar.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for April delivery <0#2JRU:> was quoted 0.7 yen higher, or 0.3 percent, at 254.1 yen as of 0033 GMT.
On Tuesday, the benchmark contract closed down for a third day after monetary easing steps from the Bank of Japan disappointed investors who had positioned for a more aggressive increase in asset purchases.
* The benchmark contract is set to close the month down about 2-3 percent.
MARKET NEWS
* The U.S. stock market was closed for a second straight day on Tuesday as cash equity trading was canceled in the wake of Hurricane Sandy.
* The yen drifted off a one-week high against the dollar on Wednesday thanks to a general improvement in risk appetite, paring gains made after the Bank of Japan balked at delivering bolder action to kickstart growth.
* Benchmark Brent crude futures fell and U.S. crude managed to post a gain in choppy, low-volume trading, as many market participants in the U.S. Northeast were among the millions of people confronted with scenes of destruction left after the monster storm smashed into the New Jersey coast.
* Japan’s Nikkei share average moved higher at Wednesday’s open after losing 1 percent on profit-taking a day earlier when the Bank of Japan eased monetary policy in line with expectations.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
– 0500 Japan Construction orders Sep
– 0700 Germany Retail sales Sep
– 1000 Euro zone Inflation Oct
– 1000 Euro zone Unemployment rate Sep
– 1345 U.S. Chicago PMI Oct
– Euro zone finance ministers hold conference call to discuss Greece (Reporting by Osamu Tsukimori; Editing by Ed Davies)
Source: Reuters
