Tokyo Futures Gain as Weaker Yen, Equity Rises Support
Benchmark TOCOM rubber futures rose early on Monday (Nov 11) as a weaker yen and
gains in Asian equity markets pushed the contract for the soft commodity higher.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for April delivery was up 3.6 yen at 260.5
yen per kg by 0020 GMT, after settling 1 yen lower on Friday (Nov
.
Japan's current account surplus unexpectedly rose 14.3 percent in September from a year
earlier, finance ministry data showed on Monday (Nov 11), amid a pickup in earnings in
overseas investments and profits from overseas subsidiaries.
Rescue workers struggled to reach ravaged towns and villages in the central Philippines on
Monday (Nov 11) as they tried to deliver aid to survivors of a powerful typhoon that killed
an estimated 10,000 people and displaced more than 600,000.
Apollo Tyres did not breach its obligation to close its $2.5 billion buyout of Cooper Tire &
Rubber last month as originally agreed, a U.S. judge ruledon Friday (Nov
.
MARKET NEWS
The U.S. dollar was quoted around 99.15 yen in Asia, close to a seven-week high of 99.41
yen reached last Thursday (Nov 7), as a surprise surge in U.S. jobs growth on Friday (Nov
signalled the world's largest economy was on a firmer footing.
Japan's benchmark Nikkei stock average rose 1.4 percent in early Monday (Nov 11) trade,
with trading sentiment lifted following U.S. stock gains on Friday (Nov
and the weaker
yen.
The 19-commodity Thomson Reuters/CoreCommodity CRB index settled 0.45 percent
higher on Friday (Nov
following gains in 13 of the 19 commodities it tracks.
(Reuters, November 11, 2013)
