Tokyo rubber futures climb, China data in focus (July 24)

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TOKYO, July 23 (Reuters) – Benchmark extended gains from the previous day early on Wednesday, but trading was muted as investors waited for Chinese manufacturing data for clues on the outlook for demand in the world’s No.2 economy.

FUNDAMENTALS

* The (TOCOM) rubber contract for December delivery was trading up 0.8 percent at 258.3 yen per kg at 0054 GMT, after closing at a near seven-week high of 256.3 yen.

* Japan’s exports rose a less-than-expected 7.4 percent year-on-year, as a weak yen and a moderate pickup in overseas demand lifted exports, but a slowdown in China’s economy weighed.

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* The HSBC China flash is due at 0145 GMT, with investors looking to gauge the health of Asia’s powerhouse economy and for signs of how much growth is slowing.

TOCOM Price on Wednesday, July 24, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jul 2013

250.1

252.0

253.0

249.5

251.5

+1.4

9

Aug 2013

253.0

251.5

255.5

251.5

252.5

-0.5

27

Sep 2013

253.1

253.5

255.7

252.8

252.8

-0.3

51

Oct 2013

253.4

253.4

256.1

253.0

253.3

-0.1

111

Nov 2013

255.0

253.9

258.0

253.6

254.4

-0.6

279

Dec 2013

256.3

255.5

259.3

254.5

255.5

-0.8

2,709

Total

 

3,186

MARKET NEWS

* The yen was quoted around 99.52 to the dollar in early Asian trade on Wednesday, above a one-week low of 99.15 yen hit the day before, with investors continuing to scale back bullish bets on the greenback.

* The Nikkei stock average fell 0.8 percent, following a two-day rally, with exporters hit as the dollar traded below 100 yen.

* The 19-commodity Thomson Reuters-Jefferies CRB index dipped slightly on Tuesday, hurt as corn futures fell to a more than 2-1/2 year low, but with a rise in U.S. crude oil tempering declines.

DATA EVENTS

* The following data is expected on Wednesday: (Time in GMT)

0145 China HSBC manufacturing flash PMI

0658 France Markit manufacturing flash PMI

0728 Germany Markit manufacturing flash PMI

0758 Euro zone Markit manufacturing flash PMI

0758 Euro zone Markit services flash PMI

1258 U.S. Markit manufacturing flash PMI

1400 U.S. New home sales

1430 U.S. EIA weekly crude stocks

(Reporting by James Topham; Editing by Joseph Radford)

Source: Reuters

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