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Tokyo rubber futures rebound on bargain hunting

02/08/2016 By adminweb

TOKYO, Aug 1 (Reuters) – Benchmark TOCOM rubber futures rebounded on Monday as investors looked for bargains after a nearly three percent plunge last Friday, but gains are likely to be capped by nerves over the higher yen.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for January delivery JRUc6 0#2JRU: was up 1.4 yen, or 0.9 percent, at 154.9 yen ($1.51) per kg as of 0036 GMT, after losing 2.9 percent on Friday and marking a third monthly decline. RUB/T

U.S.economic growth unexpectedly remained tepid in the second quarter as inventories fell for the first time in nearly five years and business investment weakened further, offsetting robust consumer spending.

The Bank of Japan expanded stimulus on Friday by doubling purchases of exchange-traded funds (ETF), yielding to pressure from the government and financial markets for bolder action, but disappointing investors who had set their hearts on more audacious measures.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.5 percent from the prior Friday, the exchange said on Friday.

MARKET NEWS

The U.S. dollar added 0.3 percent against the yen to 102.36 yen JPY= in early Monday, after tanking to below 102 yen in Friday’s session following weak U.S.data and the BOJ’s policy decision.

Japan’s benchmark Nikkei stock average (XC0009692440) slid 0.8 percent in Monday trade, hurt by a jump in the safe-haven yen against the U.S.dollar on Friday.

Oil prices steadied on Friday after touching three-month lows during a week-long selloff fuelled by a persistent global supply glut, bringing the monthly decline to nearly 15 percent, the biggest monthly loss in a year for U.S.crude.

DATA/EVENTS (GMT)

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

0100 China Official manufacturing PMI Jul

0100 China Official services PMI Jul

0145 China Caixin manufacturing PMI final Jul

0755 Germany Markit/BME manufacturing PMI Jul

0800 Euro zone Markit manufacturing PMI final Jul

1400 U.S. Construction spending Jun

1400 U.S. ISM manufacturing PMI Jul

($1 = 102.4600 yen)

(Reporting by Yuka Obayashi; Editing by Michael Perry)

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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