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Tokyo rubber futures rise as Brexit anxiety eases

30/06/2016 By adminweb

TOKYO, June 30 (Reuters) – Benchmark TOCOM rubber futures climbed on Thursday, with easing concerns over Britain’s vote to exit the European Union bolstering oil prices overnight and helping boost global shares.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for December delivery JRUc6 0#2JRU: was up 1.8 yen, or 1.2 percent, at 154.8 yen ($1.51) per kg at 0043 GMT, after inching lower the previous day. RUB/T

China’s economy rebounded in the second quarter, with capital expenditure recovering from 5-year lows, a private survey showed on Thursday, as higher government spending helped the property and construction sectors.

U.S.President Barack Obama said on Wednesday he expects the world economy will be steady in the short run after Britain’s decision to leave the EU, but expressed concern about longer term global growth.

MARKET NEWS

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S.crude inventories.

Japan’s benchmark Nikkei stock average (XC0009692440) was up 1.4 percent in Thursday trade, after stock markets around the world rebounded for the second straight day the previous day as fears about the Brexit vote eased. MKTS/GLOB

The safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week’s Brexit shock.

The dollar was up 0.1 percent at 102.935 yen JPY= after sliding to 99.00 on Friday, a trough last seen in November 2013. FRX/

DATA/EVENTS (GMT)

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

0600 Germany Retail sales May

0645 France Producer prices May

0755 Germany Unemployment rate Jun

0830 Britain GDP Q1

0900 Euro zone Inflation Jun

1230 U.S. Weekly jobless claims

1345 U.S. Chicago PMI Jun

($1 = 102.7600 yen)

(Reporting by Yuka Obayashi; Editing by Joseph Radford)

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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