Tokyo rubber futures rebound on position adjustment ahead of weekend
Benchmark TOCOM rubber futures climbed on Friday as investors tried to adjust positions ahead of a long weekend in Japan and the expiry of a near-term contract next week, but it was headed for a weekly fall amid nagging fears over slowing demand in China.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery had risen 1.1 yen to 158.7 yen ($1.29) per kg by 0121 GMT, after ending flat the previous day.It is on track for a weekly drop of nearly 1 percent.
The Federal Reserve has telegraphed its imminent interest ate hike so well that central bankers elsewhere have even begun to get impatient about it, the Fed’s second-in-command suggested on Thursday. urn:newsml:reuters.com:
The November contract is due to expire next Tuesday.The TOCOM will be closed on Monday due to a national holiday in Japan.
MARKET NEWS
The dollar was firm at 122.915 yen JPY= after sliding 0.6 percent on Thursday, snapping a four-day winning run.
Japan’s Nikkei stock average (XC0009692440) retreated from three-month highs hit on Thursday, falling 0.5 percent as the dollar dipped versus the yen though it is likely to post its fifth consecutive week of gains.
Base metal prices fell to multi-year lows on Thursday amid persistent worries that supply cuts are not enough to balance a global market battling weak demand in top user China.
U.S.crude futures inched up in early Asian trading on Friday but remained near three-month lows after a persistent supply glut has cut prices by nearly 13 percent since the start of November.
DATA/EVENTS (GMT)
The following data is expected on Friday: (Time in GMT)
0700 Germany Producer prices Oct
1500 Euro zone Consumer confidence Nov
($1 = 123.0000 yen)
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