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Tokyo rubber futures hit near 3-week high on firm oil

07/10/2015 By huong.nt

TOKYO, Oct 7 (Reuters) – Benchmark TOCOM rubber futures hit the highest level in nearly three weeks on Wednesday on the back of a jump in global oil futures and data showing a drawdown in rubber inventories.

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for March delivery rose 0.9 yen to 174.7 yen per kg by 0017 GMT, after settling up 2.9 yen on Tuesday.
  • The benchmark contract earlier rose as high as 175.5, the highest since Sept.17.
  • Crude rubber inventories at Japanese ports stood at 12,184 tonnes as of Sept. 20, down 2.8 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Wednesday.
  • Chinese financial markets are closed for national holidays, and will reopen on Thursday.

MARKET NEWS

  • Oil prices jumped more than $2 a barrel on Tuesday, breaking out of a month-long trading range on technical buying and industry talk as well as U.S.government data suggesting the global supply glut could be ebbing.
  • Japan’s benchmark Nikkei stock average .N225 was up 0.1 percent. MKTS/GLOB Copper prices were steady on Tuesday, supported by falling inventories and output cuts, but persistent concerns about demand growth in top consumer China kept a lid on the market.
  • The U.S. dollar was quoted around 120.23 yen JPY= early on Wednesday, steady from Tuesday afternoon.

DATA/EVENTS (GMT)

The following data is expected on Wednesday: (Time in GMT)

-0600 Germany Industrial output Aug

-0645 France Trade data Aug

-1900 U.S. Consumer credit Aug

 (Reporting by Osamu Tsukimori; Editing by Richard Pullin)

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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