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Tokyo rubber futures rise to 3-week high on softer yen

05/09/2016 By adminweb

TOKYO, Sept 5 (Reuters) – Benchmark TOCOM rubber futures rose for a third straight session on Monday, hitting a nearly three-week high, as a softer yen against the U.S.dollar and a gain in oil prices last Friday supported market sentiment.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for February delivery was up 1.9 yen, or 1.2 percent, at 159.0 yen ($1.53) per kg as of 0048 GMT, touching the highest since Aug.17.

Rubber rose 4.3 percent last week, posting its first weekly gain in three weeks. RUB/T

U.S.employment growth slowed more than expected in August after two straight months of robust gains and wages were tepid, which could effectively rule out an interest rate increase from the Federal Reserve this month.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.2 percent from the prior Friday, the exchange said on Friday.

MARKET NEWS

The U.S. dollar quickly jumped back to 103.74 yen JPY= in early Monday trade, after having fallen to 102.80 yen following the underwhelming U.S.payrolls data.

A weaker yen makes yen-denominated assets more affordable when purchased in other currencies. FRX/

Crude prices inched down on Monday in Asia, paring 3 percent gains in the previous session amid worries over a global oil glut.

Japan’s benchmark Nikkei stock average (XC0009692440) climbed nearly one percent in Monday trade, after U.S. shares inched higher last Friday as weaker-than-expected U.S.jobs data gave the Federal Reserve more leeway to stand pat on interest rates.

DATA/EVENTS (GMT)

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

0755 Germany Markit Services final PMI August

0800 Euro zone Markit Services final PMI August

0830 Euro zone Sentix Index September

0900 Euro zone retail sales July

($1 = 103.8500 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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