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Tokyo rubber futures gain 1 pct after oil prices rise (April 30)

TOKYO, April 30 (Reuters) – Key TOCOM rubber futures rose about one percent on Tuesday, helped by a rally in oil prices, but trade was subdued in the middle of Golden Week holiday in Japan and ahead of key central bank meetings in the United States and in Europe this week.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery was changing hands 1 percent higher at 259.7 yen as of 0029 GMT. Monday was a public holiday in Japan.

* On Friday, the benchmark contract rose as high as 265.8 yen, the highest since April 15. The TOCOM market is on course to post a 5 percent decline in April.

* The U.S. Federal Reserve starts a two-day policy meeting on Tuesday at which it is expected to commit further to a bond-buying programme, while the European Central Bank is anticipated to cut interest rates later in the week.

* Market participants may refrain from active dealing ahead of a four-day weekend starting on Friday in Japan for the Golden Week holiday.

* The Shanghai Futures Exchange is closed on Tuesday and Wednesday for the Labour Day holiday.

* In the cash market, fears of defaults by top rubber consumer China resurfaced this week after prices sank to multi-year lows after purchases were signed at a level about 20 percent higher than currently.

* Goodyear Tire & Rubber Co on Friday posted a stronger-than-expected quarterly profit, helped by lower raw material costs, but warned industry demand would remain weak.

TOCOM Rubber Futures Prices on Tuesday, April 30, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

May 2013

247.0

247.5

252.0

247.5

251.4

+4.4

8

Jun 2013

248.0

248.0

253.0

247.6

253.0

+5.0

16

Jul 2013

250.8

250.8

256.1

250.8

256.0

+5.2

47

Aug 2013

253.4

252.8

259.1

252.8

258.0

+4.6

72

Sep 2013

255.1

255.0

261.0

254.3

259.4

+4.3

1,584

Oct 2013

257.1

257.0

262.5

256.1

260.8

+3.7

2,731

Total

 

4,458

MARKET NEWS

* The Nikkei stock average dipped in early trade on Tuesday, although it is heading for its best April performance in 20 years after the Bank of Japan stunned financial markets earlier this month with sweeping stimulus measures.

* The dollar was steady at 97.98 yen, after a brief dip to a two-week low of 97.35 yen.

* Oil prices rose on Monday amid hope of further stimulus on both sides of the Atlantic, with U.S. crude leading gains amid signs of improving demand and growing exports.

DATA EVENTS

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

0600 Germany GfK consumer sentiment

0600 Germany Retail sales

0645 France Consumer spending

0755 Germany Unemployment

0800 Italy Unemployment

0900 Euro zone Inflation

0900 Euro zone Unemployment

1145 U.S. ICSC chain store sales

1300 U.S. Case-Shiller home price index

1345 U.S. Chicago PMI

1400 U.S. Consumer confidence

1500 U.S. ISM Semiannual economic forecast

N/A Federal Reserve’s FOMC starts two-day policy meeting

(Reporting by Risa Maeda; Editing by Richard Pullin)

Source: Reuters

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