TOKYO, June 4 (Reuters) – Benchmark Tokyo rubber futures firmed on Tuesday, with investors tempted by lower prices after declines to a one-month low the day before on falling equity prices, but a stronger yen limited gains.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 0.3 percent higher at 257.8 yen as of 0026 GMT.
* On Monday, the contract fell to 251.1 yen, the lowest since 250.8 yen on May 2, as a drop in share prices dampened the outlook for demand.
* Oil and gold prices jumped nearly 2 percent on Monday after softer U.S. manufacturing data for May sent the dollar tumbling and weakened the notion that the Federal Reserve was ready to withdraw monetary stimulus for the economy.
* U.S. auto sales rose more than expected in May as construction workers and oil drillers bought more pickup trucks to meet growing demand for their services, a trend that major automakers expect to persist throughout the year.
TOCOM Rubber Futures Prices on Tuesday, June 04, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jun 2013 |
246.7 |
246.0 |
251.5 |
245.8 |
249.0 |
+2.3 |
28 |
|
Jul 2013 |
249.4 |
249.3 |
252.6 |
248.7 |
251.8 |
+2.4 |
40 |
|
Aug 2013 |
251.2 |
249.9 |
254.9 |
249.9 |
254.9 |
+3.7 |
52 |
|
Sep 2013 |
253.0 |
251.3 |
257.3 |
251.3 |
255.7 |
+2.7 |
133 |
|
Oct 2013 |
255.1 |
254.0 |
260.1 |
253.4 |
257.4 |
+2.3 |
1,301 |
|
Nov 2013 |
257.0 |
255.6 |
262.0 |
255.0 |
259.5 |
+2.5 |
5,081 |
|
Total |
 |
6,635 |
|||||
MARKET NEWS
* The U.S. dollar wallowed at one-month lows against a basket of major currencies on Tuesday. Against the yen, the dollar traded at around 99.80 yen, having fallen as deep as 98.86, a low not seen since May 9.
* Japan’s Nikkei share average was down 0.4 percent as of 0025 GMT in choppy trade.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0900 Euro zone Producer prices
1145 U.S. ICSC weekly chain store sales
1230 U.S. International trade
1255 U.S. Redbook weekly retail sales
1345 U.S. ISM-New York regional activity
1400 U.S. IBD/TIPP consumer confidence
2030 U.S. API weekly crude stocks
(Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
