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Tokyo rubber futures rebound from 2-mth low as shares recover (Feb. 28)

TOKYO, Feb 28 (Reuters) – Key TOCOM rubber futures rose on Thursday, paring losses from a two-month low hit the day before as share prices recovered on robust U.S. data and easing concerns over the euro zone’s economic woes.

FUNDAMENTALS

* The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery was changing hands up 5.4 yen, or 1.9 percent, from the previous close at 293.6 yen per kg as of 0026 GMT.

* On Wednesday, the contract fell to 284.8 yen, the lowest for any benchmark since Dec. 21 and down 15.7 percent from a 10-month high marked earlier this month.

* The TOCOM market is on course to post a 7 percent decline in February.

* U.S. pending home sales jumped 4.5 percent in January, three times the rate of growth that had been expected.

* U.S. non-defence capital goods orders excluding aircraft – a closely watched proxy for business spending plans – showed the biggest gain since December 2011.

TOCOM Rubber Futures Prices on February 28, 2013 (yen / kilogram) 

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Mar 2013

270.1

268.0

276.3

268.0

273.4

+3.3

86

Apr 2013

271.5

273.6

279.0

273.6

275.2

+3.7

43

May 2013

274.6

275.5

283.0

275.5

278.5

+3.9

398

Jun 2013

279.6

280.2

287.1

280.1

283.0

+3.4

936

Jul 2013

284.1

284.6

291.4

284.4

287.5

+3.4

3,686

Aug 2013

288.2

288.0

295.3

288.0

291.4

+3.2

6,583

Total

 

11,732

MARKET NEWS

* The euro held its ground against the dollar and yen on Thursday, with euro bulls taking heart after a relatively smooth auction of Italian government bonds helped ease worries about the country’s inconclusive election.

* Japan’s Nikkei share average climbed 1.3 percent after shedding 3.5 percent in the previous two sessions.

* U.S. stocks rose on Wednesday, with major indexes posting their best daily gains since early January.

* U.S. crude futures inched towards $93 a barrel on Thursday after the Federal Reserve reaffirmed its commitment to existing stimulus measures.

DATA EVENTS

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

0500 Japan Construction orders

0530 India Q3 GDP

0745 France Consumer spending

0855 Germany Unemployment rate

1330 U.S. Q4 GDP

1330 U.S. Weekly jobless claims

1445 U.S. Chicago PMI

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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