RUBBER-Tokyo futures rise 2 pct, near 3-wk high as US fiscal fears ease
TOKYO, Oct 15 (Reuters) - Key TOCOM rubber futures climbed more than 2 percent to near a three-week high on Tuesday on hopes that a deal would soon be reached to end the U.S. budget impasse that has cast a shadow over the global economy.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for March delivery was changing hands 6.1 yen higher at 270.6 yen as of 0116 GMT. It was supported by extended gains in Shanghai futures, which were up nearly 2 percent.
The benchmark contract earlier rose to 271.5 yen, the highest since Sept. 27. TOCOM markets were closed on Monday for a national holiday.
* U.S. senators said they were closing in on a deal Monday that would reopen the government and push back a possible default for several months, though many hurdles remained as a Thursday deadline drew near.
* TOCOM sixth-month rubber may rise to 306.70 yen per kg in three months, driven by a wave C, Reuters market analyst Wang Tao said on Monday.
* Aluminium stocks held at three major Japanese ports were 242,300 tonnes at the end of September, down 7.4 percent from 261,600 tonnes a month earlier, trading house Marubeni Corp 8002.T said on Tuesday.
* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.2 percent from the last release on Sep 27, the exchange said on Friday.
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MARKET NEWS
* U.S. stocks ended a volatile session with modest gains on Monday.
* The dollar slipped on Monday and the yen gained on safe-haven demand.
* U.S. crude oil edged lower in early Asian trading on Tuesday after gaining in the previous session on expectations of a deal to reopen the U.S. government and avert a possible debt default.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
- 0430 Japan August Industrial output revised
- 0600 German August Import Prices
- 0645 French September Inflation Data
- 0830 UK September Inflation Data
- 0830 UK September Producer Prices
- 0900 Germany ZEW economic sentiment Oct
- 1145 U.S. ICSC chain stores Weekly
- 1230 New York Fed Empire State Survey For October (Reporting by Osamu Tsukimori; Editing by Joseph Radford)
