TOKYO, Oct 15 (Reuters) – Benchmark TOCOM rubber futures fell on early Thursday trade as the dollar hit a 1-1/2 week low against the yen as weak U.S. sales data prompted investors to scale back bets that the U.S.Federal Reserve would hike interest rates by the end of 2015.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery fell 1.2 yen to 172.5 yen per kg by 0025 GMT, after settling down 0.5 yen on Wednesday.
U.S. retail sales barely rose in September, edging up only 0.1 percent and falling short of expectations for a 0.2 percent rise, according to a Reuters poll of economists.Producer prices recorded their biggest decline in eight months.
MARKET NEWS
The U.S. dollar was quoted around 118.91 yen JPY= , compared with around 119.60 yen on Wednesday afternoon. USD/ A stronger yen makes Japanese currency-denominated assets more expensive when purchased in other currencies.
Japan’s benchmark Nikkei stock average .N225 was down 0.3 percent.
Copper rose on Wednesday as a weaker dollar supported
prices, but mounting concerns about economic growth in top consumer China kept a lid on the market.
Oil extended losses on Thursday as worries about a growing supply glut kept crude under pressure this week, offsetting recent views that declining U.S.production would buoy prices.
DATA/EVENTS (GMT)
The following data is expected on Thursday: (Time in GMT)
– 1230 U.S. Consumer prices Sep
– 1230 U.S. New York Fed manufacturing Oct
– 1230 U.S. Weekly jobless claims
– 1400 U.S. Philly Fed business index Oct
(Reporting by Osamu Tsukimori; Editing by Michael Perry)
