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Tokyo rubber futures slip after 2 days of gains, thin trade (June 18)

TOKYO, June 18 (Reuters) – Benchmark Tokyo rubber futures slipped on Tuesday after gaining for two days as metals and oil prices fell overnight ahead of the U.S. Federal Reserve’s two-day meeting and anticipation of news on the Fed’s future stimulus plans.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading down 0.59 percent at 237.5 yen per kg as of 0054 GMT.

* The contract dropped as low as 235.0 yen in earlier trade.

* The U.S. Federal Reserve meets this week amid intense speculation over its massive bond-buying campaign, but most economists do not expect it to scale back purchases from the current $85 billion monthly pace. The Fed will release its policy statement at the conclusion of its meeting at 2 p.m. EDT/1800 GMT on Wednesday. Bernanke’s news conference follows 30 minutes later.

TOCOM Rubber Futures Prices on Tuesday, June 18, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

234.7

234.0

234.0

230.0

230.0

-4.7

8

Jul 2013

234.0

231.7

232.9

231.0

232.5

-1.5

8

Aug 2013

234.9

235.5

235.5

231.7

233.4

-1.5

24

Sep 2013

235.6

235.6

235.9

232.3

234.6

-1.0

105

Oct 2013

237.3

237.4

237.8

233.6

234.6

-2.7

159

Nov 2013

238.9

238.6

239.5

235.0

237.3

-1.6

2,136

Total

 

2,440

MARKET NEWS

* Copper closed a touch lower on Monday on concerns the United States may scale back its monetary stimulus program, and oil prices fell after initially rising on fears of a superpower standoff over Syria and possible disruptions to Middle East crude supplies.

* The dollar was steady against the yen at 94.56 JPY=, off its 10-week low of 93.75 yen hit on Thursday, but well below last month’s 4-1/2-year peak of 103.74 yen. The dollar index .DXY, measured against a basket of six key currencies, was down 0.2 percent.

* Japan’s Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp sell-off on May 23, underpinned by hopes the Federal Reserve will reinforce its commitment to support the U.S. economy.

DATA EVENTS

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

0200 China FDI (ytd) May CNFDI=ECI

0430 Japan Industrial output rev Apr JPIP4=ECI

0900 Germany ZEW economic sentiment Jun DEZEWS=ECI

1145 U.S. ICSC chain stores yy Weekly USUBSY=ECI

1230 U.S. Build permits: change mm Dec USBPP=ECI

1230 U.S. House starts mm: change Dec USHSTM=ECI

1230 U.S. Housing starts number mm May USHST=ECI

1230 U.S. Core CPI mm, sa May USCPF=ECI

1230 U.S. CPI mm, sa May USCPI=ECI

1230 U.S. Core CPI yy, nsa May USCPFY=ECI

1230 U.S. CPI yy, nsa May USCPNY=ECI

2030 U.S. API weekly crude stocks USOIAC=ECI

2030 U.S. API weekly dist. stocks USOIAD=ECI

2030 U.S. API weekly gasoline stk USOIAG=ECI

2350 Japan Exports yy May JPEXPY=ECI

(Reporting by Yuka Obayashi; Editing by Joseph Radford and Michael Perry)

 Source: Reuters

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