TOKYO, Aug 25 (Reuters) – Benchmark TOCOM rubber futures fell to a six-week low on Thursday, extending losses into a fourth straight session, weighed down by weaker oil prices and sliding Shanghai rubber futures.
The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was down 2.0 yen, or 1.4 percent, at 149.7 yen ($1.49) per kg as of 0108 GMT, hitting its lowest since July 11.
TOCOM’s August contract JRUQ6 tumbled 4.9 yen to 157.6 yen ahead of its expiration on Thursday.
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 was down 1.7 percent at 12,405 yuan ($1,863.68) per tonne as of 0111 GMT.
China’s imports of natural rubber in July fell 46 percent from a year earlier, according to official customs data.
Oil prices tumbled on Wednesday, with U.S.crude settling about 3 percent lower, after an unexpectedly large inventory build in the world’s biggest oil consumer renewed worries about oversupply.
The U.S. dollar was 0.2 percent higher at 100.59 yen JPY= , inching away from the 100-yen level under which it has dipped in recent sessions, ahead of Friday’s speech by Federal Reserve Chair Janet Yellen at the global central bankers’ meeting.
Japan’s benchmark Nikkei stock average (XC0009692440) slid 0.3 percent in Thursday trade, taking its cue from an overnight drop on Wall Street. MKTS/GLOB
The following data is expected on Thursday: (Time in GMT)
0800 Germany IFO business climate and current conditions for August
1230 US Durable goods for July
1230 US initial jobless claims
1345 US Markit Comp Flash PMI for August
($1 = 100.4100 yen)
($1 = 6.6562 Chinese yuan renminbi)
(Reporting by Yuka Obayashi; Editing by Richard Pullin)