TOKYO, Oct 7 (Reuters) – Benchmark TOCOM rubber futures hit a nearly five-month high on Friday as oil prices strengthened, extending gains into a fifth session and putting them on track for a weekly gain.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 1.7 yen, or 1.0 percent, at 173.6 yen ($1.67) per kg as of 0023 GMT, after hitting its highest since May 16 at 174.6 yen earlier in the session.For the week, it was headed for a gain of about 6 percent.
Energy ministers from Saudi Arabia, Iran and Iraq will be among representatives of key OPEC producers meeting with Russia, which is not an OPEC member, for informal talks next week on the sidelines of an energy conference in Istanbul, OPEC sources said on Thursday.
The number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low, an indication of firmness in the labour market which may support an interest rate increase by the U.S.Federal Reserve this year.
Mexico auto exports rose 8.8 percent in September, while production was up 2.4 percent, the country’s auto industry group AMIA said on Thursday.
Chinese markets remain shut for National Day holidays. They will reopen on Monday.
MARKET NEWS
Oil rose more than 1 percent to four-month highs on Thursday, with some saying the market has overshot itself with a near 15-percent gain in seven sessions.
The U.S. dollar rose to its highest against the yen JPY=in a month as strong labor market data gave support to a possible U.S.interest rate hike later this year.
A weaker yen makes yen-denominated assets more affordable when purchased in other currencies. USD/
Japan’s benchmark Nikkei stock average (XC0009692440) was flat inearly Friday trade after U.S. stocks ended barely higher the previous day as investors positioned ahead of the closely watched U.S.employment report due out on Friday.
Mexico auto exports rose 8.8 percent in September, while production was up 2.4 percent, the country’s auto industry group AMIA said on Thursday.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0600 Germany Industrial output Aug
0645 France Industrial output Aug
0645 France Trade data Aug
0830 Britain Industrial output Aug
1230 U.S. Nonfarm payrolls Sep
1230 U.S. Unemployment rate Sep
1400 U.S. Wholesale sales Aug
($1 = 103.7600 yen)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
