TOKYO, Jan 7 (Reuters) – Key TOCOM rubber futures touched a fresh eight-month high early on Monday as encouraging U.S. economic data and a weak yen made investors optimistic about the economic outlook.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for June delivery <0#2JRU:> was up 0.7 percent, or 2.2 yen, at 310 yen per kg as of 0020 GMT. The benchmark contract rose as high as 313.7 yen, the highest since May 2012.
* World shares rose on Friday and the S&P 500 index marked its highest close in five years after data on the services sector and labor market signaled the U.S. economy continues its steady but slow recovery, while the yen hit a 2-1/2-year low against the dollar.
* Automakers in China are bracing for another year of tepid single-digit growth in 2013, weighed down by sluggish demand for Japanese cars amid a diplomatic row between the two regional neighbours and government measures intended to restrict traffic in bigger cities.
TOCOM rubber prices, as of Jan 07, 2013 10:50 JST (yen / kilogram )
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jan 2013 |
294.5 |
295.3 |
300.4 |
295.0 |
296.5 |
+2.0 |
33 |
|
Feb 2013 |
294.9 |
295.9 |
301.1 |
295.9 |
298.1 |
+3.2 |
72 |
|
Mar 2013 |
298.0 |
298.9 |
303.8 |
298.9 |
300.0 |
+2.0 |
103 |
|
Apr 2013 |
300.3 |
300.1 |
306.7 |
300.1 |
302.7 |
+2.4 |
281 |
|
May 2013 |
303.6 |
304.0 |
310.0 |
304.0 |
305.8 |
+2.2 |
2,292 |
|
Jun 2013 |
307.8 |
308.0 |
313.7 |
308.0 |
310.0 |
+2.2 |
5,449 |
|
Total |
 |
8,230 |
|||||
MARKET NEWS
* Japan’s Nikkei share average edged up on Monday after jumping 2.8 percent on Friday, its highest close since March 4, 2011, helped by encouraging U.S. economic data, while a weakening yen lifted exporters.
* Oil, gold and grains were steady after losses late last week fueled by worries that the Federal Reserve could slow or halt its asset purchases due to worries about financial stability.
* The dollar traded close to 2 1/2 -year highs against the yen as investors pondered the possible outcomes of more monetary stimulus this year from Japan and less from the U.S. Federal Reserve.
DATA EVENTS
* The following data is expected on Monday:
– 0930 Euro zone Sentix index January
– 1000 Euro zone Producer price index November
– 1500 U.S. Employment trend index December
(Reporting by Yuko Inoue; Editing by Richard Pullin)
Reuters
