TOKYO, Oct 11 (Reuters) – Benchmark TOCOM rubber futures jumped more than 4 percent to hit a near five-month high on Tuesday after oil prices reached a one-year high a day earlier on growing expectations of an output cut by OPEC members.
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: hit the highest since May 13 at 181.2 yen per kg, and were trading up 6.8 yen at 180.5 yen by 0107 GMT.
Japanese markets were closed on Monday for a national holiday.
TOCOM also got support from firm gains on Shanghai futures.The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 was up more than 3 percent.
The U.S. dollar was quoted around 103.90 yen JPY= , compared with around 103.82 yen on Friday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was up 1 percent. MKTS/GLOB
Oil prices edged down early on Tuesday but held near one-year highs touched on growing expectations of an output cut by OPEC producers, and traders said the price outlook remains bullish as confidence in crude markets rises.
The following data is expected on Tuesday: (Time in GMT)
0900 Germany ZEW economic sentiment Oct
1000 U.S. NFIB business optimism Sep
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)