TOKYO, Oct 13 (Reuters) – Benchmark TOCOM rubber futures edged down in early Tuesday trade, pressured by weaker Japanese equities and oil prices.
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was down 1 yen at 173 yen per kg by 0052 GMT.
Japanese markets were closed on Monday for a national holiday.
Indonesia’s rubber output is expected to ease next year due to the effects of an El Nino and haze from forest fires, the main rubber group in the world’s No.2 producer said on Monday, but is seen unchanged in 2015 at 3.2 million tonnes. Indonesia’s rubber exports were likely to fall slightly to 2.5 million tonnes this year from 2.6 million tonnes in 2014, he added, due to increased domestic demand.
India’s natural rubber imports in September dropped nearly a quarter from a year earlier to 32,933 tonnes, while production fell 15 percent to 51,000 tonnes, the state-run Rubber Board said in a statement.
The country’s consumption also edged lower in September to 84,500 tonnes from 86,280 tonnes a year earlier, the board said in a statement.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.8 percent from the previous week, the bourse said on Friday.
TOCOM Rubber Prices – Trade Date Oct 13, 2015 11:40 JST
Prices in yen / kilogram
|Month||Last Settlement Price||Open||High||Low||Current||Change||Volume|
Oil prices tumbled on Monday, settling 5 percent lower as traders took profits after last week’s surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut.
Japan’s benchmark Nikkei stock average .N225 was down 0.6 percent.
The U.S. dollar was quoted around 119.95 yen on Tuesday, compared with around 120.11 yen on Friday afternoon.
Copper rose further on Monday as production cuts by Glencore continued to boost base metals, but analysts warned the output shift may not be enough to offset weak demand growth in China.
The following data is expected on Tuesday: (Time in GMT)
– n/a China Trade data Sep
– 0600 Germany Wholesale price index Sep
– 0900 Germany ZEW economic sentiment Oct
– 1000 U.S. NFIB business optimism Sep
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)