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Tokyo rubber futures extend gains on demand optimism (Mar. 6)

TOKYO, March 6 (Reuters) – Key TOCOM rubber futures rose over 1 percent on Wednesday, extending gains into a second day on an improving outlook for demand after U.S. stocks rallied to a historic high and China pledged record government spending to boost growth.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for August delivery <0#2JRU:> was changing hands up 3.9 yen, or 1.4 percent, at 291.4 yen per kg as of 0016 GMT.

* But continued concerns over weak demand in Europe and a halt in the U.S. dollar’s recovery versus the yen put a lid on gains in yen-based TOCOM prices.

* The benchmark contract on Monday fell as far as 281.0 yen, its lowest since 275.7 on Dec. 17.

* Europe’s ailing car market has weakened further in recent months and some industry leaders hope governments will relax their opposition to plant closures and job cuts needed to restore profits.

TOCOM Rubber Futures Prices on March 6, 2013 (yen / kilogram)

 

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Mar 2013

273.0

271.5

271.5

271.5

271.5

-1.5

7

Apr 2013

274.6

275.8

279.0

275.6

279.0

+4.4

22

May 2013

278.8

279.6

283.3

279.5

282.6

+3.8

288

Jun 2013

282.0

283.0

286.0

282.5

284.9

+2.9

320

Jul 2013

284.9

285.5

289.5

285.5

288.1

+3.2

701

Aug 2013

287.5

287.8

292.5

287.8

291.0

+3.5

2,751

Total

 

4,089

MARKET NEWS

* Japan’s Nikkei share average rose to a fresh 4-1/2 year high on Wednesday, as investors were cheered after the Dow Jones industrial average climbed to a record closing high on signs of a strengthening U.S. economy.

* The euro struggled to gain ground on Wednesday, with investors sidelined ahead of a European Central Bank policy meeting, but commodity currencies made the most of improved risk appetite.

* Brent crude broke a five-day losing streak on Tuesday, rising by more than 1 percent toward $112.

DATA EVENTS

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

0030 Australia Q4 GDP

1000 Euro zone Revised Q4 GDP

1315 U.S. ADP national employment

1500 U.S. Factory orders

1530 U.S. EIA petroleum status report

1900 U.S. Federal Reserve Beige Book

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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