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Tokyo rubber futures edge higher after two-day slide

01/09/2016 By adminweb

MANILA, Sept 1 (Reuters) – Japanese rubber futures rose nearly 1 percent on Thursday, recovering after a two-day drop, in line with firmer oil prices.

FUNDAMENTALS

Rubber for February delivery on the Tokyo Commodity Exchange JRUc6 was up 0.9 percent at 153.4 yen per kg by 0041 GMT.

The contract, which helps set the tone for tyre rubber prices in Southeast Asia, touched a six-week low of 148.6 yen on Aug.25.

Oil prices ticked higher in early Asian deals after tumbling 3 percent on Wednesday as government data showed a large surprise weekly build in U.S.crude and distillate stockpiles.

U.S.private employers maintained a steady pace of hiring in August and contracts to buy previously owned homes surged in July, suggesting the economy was regaining sufficient momentum for the Federal Reserve to raise interest rates this year.

The data comes ahead of Friday’s critical U.S.nonfarm payrolls which likely increased by 180,000 in August after rising 255,000 in July, according to a Reuters survey of economists.

The August forecast follows two straight months of payroll increases above 250,000.

MARKET NEWS

The dollar wavered against the yen and euro, its advance put on hold ahead of the U.S.nonfarm jobs report on Friday which is expected to shape the market’s near-term interest rate expectations.

Asian shares dipped after a drop in crude in crude oil prices dragged down Wall Street. MKTS/GLOB

DATA AHEAD (GMT)

0100 China Official manufacturing PMI Aug

0100 China Official non-manufacturing PMI Aug

0145 China Caixin manufacturing PMI final Aug

0750 France Markit manufacturing PMI Aug

0755 Germany Markit/BME manufacturing PMI Aug

0800 Euro zone Markit manufacturing PMI final Aug

1230 U.S. Weekly jobless claims

1400 U.S. Construction spending Jul

1400 U.S. ISM manufacturing PMI Aug

(Reporting by Manolo Serapio Jr.; Editing by Joseph Radford)

Filed Under: Global rubber market news, News

NEWS

Vietnam: F.O.B SVR Physical Prices: March 7, 2017

India: Rubber may remain bearish this week

Fall in rubber price may reflect in domestic market in India

TOCOM rubber hits near 16-month high on weak yen

Vietnam: F.O.B SVR physical prices: November 15, 2016

TOCOM rubber ends up on worries over shortage, weaker yen

Asian physical rubber prices: November 14, 2016

TOCOM rubber tumbles 3.8 pct after touching near 16-mth high

Thailand: Natural Rubber prices: November 11, 2016

TOCOM rubber heads for biggest weekly gain since 2013

Vietnam: F.O.B SVR physical prices: November 11, 2016

TOCOM rubber hits 15-month high on weak yen, firm Shanghai

Indonesia: Natural Rubber Prices on November 10, 2016

Tokyo rubber futures rise to near 6-1/2 month high

Asian physical rubber prices: November 9, 2016

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