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RUBBER-TOCOM hits 2-month high in thin trade
December 5, 2013 / 1:41 AM / 4 years ago

RUBBER-TOCOM hits 2-month high in thin trade

TOKYO, Dec 5 (Reuters) - Benchmark TOCOM rubber futures hit their highest in more than two months in thin trade on Thursday, boosted by higher oil prices overnight.

But they have since come under pressure as investors take profits in the wake of falling Japanese shares.

FUNDAMENTALS

* The Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> was up 0.9 yen, or 0.33 percent, at 275.4 yen per kg by 0110 GMT. It earlier hit its highest since Sept 27 at 277.4 yen.

The contract finished 0.6 yen lower on Wednesday, supported by firm oil prices.

* U.S. private-sector hiring rose in November at the fastest clip in a year, opening the door wider for the Federal Reserve to start trimming its bond purchases within the next few months.

* Bridgestone Corp, the world’s largest tyre maker, bought Indonesian rubber for nearby delivery, while other grades were also traded at higher prices, dealers said.

* Thailand’s political future is cloudier than ever, but one thing is for certain - self-exiled former premier Thaksin Shinawatra won’t be coming home soon.

* For the top stories in the rubber market and other news, click, or

MARKET NEWS

* Japan’s benchmark Nikkei stock average was down 0.46 percent as of 0100 GMT, after moving higher in earlier trade. It suffered its biggest one-day fall in six weeks on Wednesday.

* The yen held off a five-year trough on the euro and a six-month low versus the dollar on Thursday.

* Gold rebounded 2 percent on a surge of short-covering after hitting a five-month low, while U.S. oil rose for the fourth session. That lifted the benchmark commodities index to a five-week high.

DATA/EVENTS (GMT)

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

1245 European Central Bank interest rate decision

1330 ECB President Mario Draghi holds press briefing

1330 U.S. Q3 GDP

1330 U.S. Weekly jobless claims

1500 U.S. Factory orders (Reporting by Yuka Obayashi; Editing by Joseph Radford)

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