TOKYO, Nov 1 (Reuters) – Benchmark TOCOM rubber futures extended declines on Tuesday after oil prices closed at a one-month low a day earlier, although the decline was limited by a small rise in Shanghai futures overnight.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: fell 0.1 yen to 183.4 yen per kg by 0016 GMT, after settling down 0.4 yen on Monday.
MARKET NEWS
The U.S. dollar was quoted around 104.80 yen JPY= , compared with around 104.96 yen on Monday afternoon. USD/
Japan’s benchmark Nikkei stock average .N225 was down 0.3 percent. MKTS/GLOB
Zinc rallied to its highest in five years on Monday, lifted by expectations that availability of the metal would remain tight after Glencore said it had shuttered one of its Australian mines.
Oil prices settled at one-month lows on Monday after dropping over 3 percent on doubts about OPEC’s ability to implement its planned production cuts, with the market further weighed by expectations that the cartel had record output in October. O/R
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
1255 U.S. Redbook weekly – 1345 U.S. Markit Mfg PMI Final Oct
1400 U.S. Construction Spending Sept
1400 U.S. ISM Manufacturing PMI Oct
1730 U.S. U.S. Domestic Car, Truck Sales Oct
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)
