TOKYO, Nov 9 (Reuters) – Benchmark TOCOM rubber futures extended strong gains to hit their highest in nearly 6-1/2 months on Wednesday, as a weaker yen against the dollar and bullish gains in overnight Shanghai futures sparked more buying.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: had risen 4.7 yen to 194.5 yen per kg by 0005 GMT, after settling up 2.7 yen on Tuesday.
The benchmark contract earlier hit its highest intraday level since April 28 at 195.5 yen.
MARKET NEWS
An air of anticipation gripped Asian markets on Wednesday as investors wagered the interminable U.S.election would end with a win for Democrat Hillary Clinton, widely considered a safe pair of hands at home and on the world stage.
The U.S. dollar was quoted around 104.98 yen JPY= , compared with around 104.44 yen on Tuesday afternoon.A weaker yen makes Japanese currency-denominated assets cheaper when purchased in other currencies.
Oil prices ended little changed on Tuesday and edged lower on Wednesday after an industry group reported a bigger-than-expected build in U.S.crude inventories that pressured prices.
DATA/EVENTS (GMT)
The following data is expected on Wednesday: (Time in GMT)
0130 China Consumer prices Oct
0130 China Producer prices Oct
1500 U.S. Wholesale sales Sep
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
