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Tokyo rubber futures hits 4-month low, on track for 7th weekly loss

14/06/2016 By adminweb

TOKYO, June 10 (Reuters) – Benchmark TOCOM rubber futures slid to a fresh 4-month low on Friday and were on track for a seventh straight weekly loss, weighed down by weaker oil prices and fears about slower demand in China.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was down 2.0 yen, or 1.3 percent, at 148.8 yen ($1.39) per kg as of 0056 GMT, after touching a low of 148.4 yen, the lowest since Feb.15.

For the week, it was headed for a loss of 5.8 percent, falling for a seventh week in a row, its longest losing streak since February 2014.

Deflationary pressures in China eased further in May, relieving some pressure on cash-strapped companies, but consumer inflation was cooler than expected, suggesting the central bank will keep policy supportive in coming months but be in no hurry to cut interest rates further.

China’s markets are closed on Friday for the Dragon Boat festival holiday.

MARKET NEWS

Oil prices settled down on Thursday, snapping a three-day rally after notching another 2016 high, as a strong dollar sparked profit-taking in crude futures by investors.

The U.S. dollar was quoted around 107.07 yen JPY= early on Friday. The yen, which investors prefer in times of market uncertainty, reached a five-week high of 106.24 yen versus the U.S.dollar the previous day.

Japan’s benchmark Nikkei stock average (XC0009692440) was down 0.5 percent in Friday trade, after Wall Street retreated overnight as oil prices fell and global growth worries drove investors to safer assets like bonds. .N

DATA/EVENTS (GMT)

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

China Foreign direct investment May

0600 Germany Wholesale price index May

0645 France Industrial output Apr

1400 U.S. Univ of Michigan sentiment index Jun

No exact timing for China data

($1 = 107.0000 yen)

(Reporting by Yuka Obayashi; 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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