RUBBER-Tokyo futures rise 2 pct, near 3-wk high as US fiscal fears ease

Reuters

TOKYO, Oct 15 (Reuters) - Key TOCOM rubber futures climbedmore than 2 percent to near a three-week high on Tuesday onhopes that a deal would soon be reached to end the U.S. budgetimpasse that has cast a shadow over the global economy.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for Marchdelivery was changing hands 6.1 yen higher at270.6 yen as of 0116 GMT. It was supported by extended gains inShanghai futures, which were up nearly 2 percent.

The benchmark contract earlier rose to 271.5 yen, thehighest since Sept. 27. TOCOM markets were closed on Monday fora national holiday.

* U.S. senators said they were closing in on a deal Mondaythat would reopen the government and push back a possibledefault for several months, though many hurdles remained as aThursday deadline drew near.

* TOCOM sixth-month rubber may rise to 306.70 yen per kg inthree months, driven by a wave C, Reuters market analyst WangTao said on Monday.

* Aluminium stocks held at three major Japanese ports were242,300 tonnes at the end of September, down 7.4 percent from261,600 tonnes a month earlier, trading house Marubeni Corp8002.T said on Tuesday.

* Rubber inventories in warehouses monitored by the ShanghaiFutures Exchange rose 1.2 percent from the last release on Sep27, the exchange said on Friday.

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

MARKET NEWS

* U.S. stocks ended a volatile session with modest gains onMonday.

* The dollar slipped on Monday and the yen gained onsafe-haven demand.

* U.S. crude oil edged lower in early Asian trading onTuesday after gaining in the previous session on expectations ofa deal to reopen the U.S. government and avert a possible debtdefault.

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)

Rates

View Comments (0)