Friday, October 6, 2017

TOCOM slides ahead of long weekend but books weekly gain

Benchmark Tokyo rubber futures inched lower on Friday as investors squared positions ahead of a key US jobs report due later in the day, a three-day weekend in Japan, and the return of Chinese investors on Monday from a week-long holiday.
The Tokyo Commodity Exchange (TOCOM) rubber contract for March delivery finished 0.8 yen, or 0.4%, lower at 207.2 yen (US$1.83) per kg.
But for the week, it managed to book a gain of 2.7%, its first increase in a month.
"There were no fresh news and investors were just adjusting positions ahead of the long weekend," said a Tokyo-based analyst.
"All eyes will be on Shanghai futures' move next week."
Chinese markets were closed for the week-long National Day holiday which started on Sunday. Japanese markets will be closed on Monday for a public holiday.
According to a Reuters survey of economists, the US Labor Department's closely watched employment report on Friday will likely show that nonfarm payrolls increased by 90,000 last month after rising by 156,000 in August.
Japan's Nikkei share average scaled a fresh two-year peak on Friday and posted its fourth straight weekly gain, buoyed by the impact of a weaker currency as well as record highs on Wall Street.
The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 148.7 US cents per kg, down 0.3 cents.

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