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Tokyo futures drop 1 pct as yen strengthens

TOKYO, May 1 (Reuters) – Key TOCOM rubber futures dropped 1 percent on Wednesday, pressured by falling equity prices and a stronger yen ahead of closely-watched central bank meetings this week.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract, for October delivery , was changing hands 1.4 percent lower at 259 yen per kg as of 0027 GMT.

* On Friday, the benchmark contract rose to 265.8 yen, the highest since April 15.

* The U.S. Federal Reserve ends a two-day policy meeting on Wednesday, while the European Central Bank is expected 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, part of the so-called Golden Week string of holidays.

* Markets in Singapore, Thailand and China are closed on Wednesday for the Labour Day holiday.

TOCOM Rubber Futures Prices on Wednesday, May 01, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

May 2013

251.3

254.5

256.2

248.9

250.6

-0.7

29

Jun 2013

253.5

254.8

258.0

251.4

253.2

-0.3

95

Jul 2013

256.5

258.3

259.6

253.3

255.1

-1.4

86

Aug 2013

258.7

260.3

262.0

255.3

256.0

-2.7

193

Sep 2013

260.7

262.7

264.0

256.3

257.5

-3.2

2,417

Oct 2013

262.6

264.3

265.7

258.1

259.2

-3.4

4,262

Total

 

7,082

MARKET NEWS

* Japan’s Nikkei share average slipped in early trade on Wednesday, after posting its best April performance in 20 years, hurt by disappointing earnings guidance from semiconductor equipment maker Tokyo Electron.

* The dollar drifted lower on the yen to 97.43 after hitting a 4-year high near 100 last month.

* World oil prices fell 1.4 percent on Tuesday, posting their biggest daily decline in almost two weeks after U.S. data showed Midwest business activity contracted in April and a European report showed record unemployment.

DATA EVENTS

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

0100 China Official manufacturing PMI

1215 U.S. ADP employment report

1400 U.S. Construction spending

1400 U.S. ISM manufacturing PMI

1800 Federal Reserve’s FOMC announces policy decision

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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