TOKYO, June 15 (Reuters) - Benchmark TOCOM rubber futures edged down on Thursday, sliding from a nearly 2-week high hit the previous day as investors took profits following weaker oil prices and a firmer yen against the U.S. dollar.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for November delivery was down 0.3 yen, or 0.2 percent, at 195.2 yen ($1.78) per kg by 0045 GMT. It jumped more than 5 percent the previous day.
* The U.S. Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signalling its confidence in a growing U.S. economy and strengthening job market.
* Thailand's cabinet on Tuesday approved measures to help rubber farmers and stabilise falling prices, the country's prime minister said.
* For the top stories in the rubber market and other news, click or
MARKET NEWS
* Crude oil prices slumped nearly 4 percent to their lowest close in seven months on Wednesday, hit by an unexpected large build in gasoline inventories and an international outlook that suggests a big increase in supply in the coming year.
* The U.S. dollar fetched 109.35 yen, not far from Wednesday's eight-week low of 108.81 yen. A stronger yen against the dollar makes yen-denominated assets less affordable when purchased in other currencies.
* Japan's benchmark Nikkei stock average was steady on Thursday after Wall Street dipped the previous day as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve.
No comments:
Post a Comment