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Tokyo rubber futures edge down in cautious trade before China data (April 23)

TOKYO, April 23 (Reuters) – Tokyo rubber futures edged lower on Tuesday as the yen’s weakening paused and as investors cautiously awaited Chinese manufacturing data due out during the morning session.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange rubber contract for September delivery was down 0.4 percent at 249.8 yen per kg as of 0032 GMT.

* The benchmark contract earlier fell as low as 249.1 yen, still above a five-month low of 242.6 yen marked last week.

* It was the last trading day for the nearby April contract.

* China’s flash manufacturing Purchasing Managers’ Index (PMI) data is due at 0145 GMT.

* Crude rubber inventories at Japanese ports fell by 131 tonnes in the 10 days to April 10, to 15,668 tonnes, after peaking at a six-year high in the previous 10-day period, industry data showed on Monday.

* China imported 631,187 tonnes of natural rubber in the first three months of 2013, up 31.7 percent from a year earlier, customs-trade data showed on Monday.

* In Thailand, the world’s biggest rubber producer, farmers usually resume tapping trees for the commodity in late April after a one-month break during the dry season.

TOCOM Rubber Futures Prices on Tuesday, April 23, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Apr 2013

243.3

241.0

247.1

241.0

247.1

+3.8

5

May 2013

244.0

244.3

248.0

243.1

245.3

+1.3

24

Jun 2013

246.5

246.3

250.1

245.9

246.0

-0.5

27

Jul 2013

248.9

248.7

253.2

248.0

250.1

+1.2

139

Aug 2013

250.3

249.3

254.2

248.9

251.0

+0.7

243

Sep 2013

250.9

250.0

254.9

249.1

252.1

+1.2

2,312

Total

 

2,750

MARKET NEWS

* The dollar was little changed from late U.S. levels after failing to crack the 100-yen level in the previous session.

* Japan’s Nikkei share average eased in early trade on Tuesday as the yen’s weakness paused, prompting investors to lock in some of the gains after the index hit a nearly five-year closing high in the previous session.

* Brent crude futures rose for a third straight session to top $100 a barrel on Monday, lifted by gains in the U.S. stock market.

DATA EVENTS

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

0145 China HSBC Manufacturing Flash PMI

0645 France Business climate

0658 France Markit Manufacturing Flash PMI

0728 Germany Markit Manufacturing Flash PMI

0758 Euro zone Markit Manufacturing Flash PMI

0800 Italy Consumer confidence

1145 U.S. ICSC weekly chain store sales

1300 U.S. FHFA home price index

1400 U.S. New home sales

1400 U.S. Richmond Fed manufacturing, services

2030 U.S. API weekly crude stocks (Reporting by Risa Maeda; Editing by Chris Gallagher)

Source: Reuters

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