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Tokyo rubber futures track lower, investors cautious

Tokyo rubber futures track lower, investors cautiousTOKYO, Nov 27 (Reuters) – Key TOCOM rubber futures edged down early on Tuesday, tracking early losses in oil and shares amid investor caution over the steady pace of gains in the past two weeks.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:>, which debuted on Tuesday, was quoted at 260.3 yen per tonne as of 0050 GMT.

The previous benchmark April contract was down 1.5 yen, or 0.6 percent, to 258.3 yen.

* Switzerland’s Foster Wheeler AG said on Monday it had been awarded an engineering, procurement and construction management contract in China for the world’s largest synthetic rubber plant. The new facility will be designed to produce 160,000 tonnes per annum of ethylene propylene diene monomer rubber, it said.

MARKET NEWS

* The dollar nursed its recent losses against the yen and last fetched 82.05 yen, having slipped 0.4 percent on Monday.

* U.S. crude oil futures fell 54 cents to settle at $87.74 a barrel on Monday, pressured by concerns about Greek debt talks and U.S. budget negotiations.

* Japan’s Nikkei share average edged down on Tuesday, the first fall in four days, amid investor caution over the fast pace of gains that has seen the benchmark climb more than 8 percent in the past two weeks.

DATA EVENTS

* The following data is expected on Tuesday:

– 0700 Germany Import prices Oct

– 0745 France Consumer confidence Nov

 – 1245 U.S. ICSC weekly chain store sales

 – 1330 U.S. Durable goods orders Oct

– 1330 U.S. Chicago Fed Midwest Manufacturing Oct

– 1400 U.S. CaseShiller home price index Sep

– 1500 U.S. Consumer confidence Nov

– 2130 U.S. API weekly crude stocks

(Reporting by Yuko Inoue; Editing by Richard Pullin)

Source: Reuters

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