TOKYO, June 20 (Reuters) – Benchmark Tokyo rubber futures rose on Thursday as the yen declined against the U.S. dollar after the Federal Reserve confirmed that it could begin to withdraw stimulus this year.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading up 0.76 percent at 239.1 yen per kg as of 0044 GMT.
* The contract rose as high as 240.7 yen in early trade.
* Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year.
* Japanese manufacturers’ mood improved further in June and its gauge reached its highest level in more than two years, a Reuters poll showed, a sign the government’s reflationary policies are continuing to bolster business morale despite recent market turmoil.
* Optimism among Asia’s top companies gathered momentum in the second quarter despite lingering concerns about the global economy and rising costs, the latest Thomson Reuters/INSEAD Asia Business Sentiment Survey published on Wednesday showed.
* Tyre makers in China have turned to the country’s mounting inventory to get cheaper rubber, causing anxiety among sellers in Southeast Asia as physical prices stayed at multi-year lows, dealers said on Wednesday.
TOCOM Rubber Futures Prices on Thursday, June 20, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jun 2013 |
229.9 |
230.0 |
232.0 |
230.0 |
231.0 |
+1.1 |
41 |
|
Jul 2013 |
232.0 |
233.0 |
235.0 |
231.4 |
231.5 |
-0.5 |
21 |
|
Aug 2013 |
233.3 |
236.7 |
236.7 |
231.9 |
231.9 |
-1.4 |
35 |
|
Sep 2013 |
234.3 |
236.5 |
237.5 |
233.2 |
233.2 |
-1.1 |
208 |
|
Oct 2013 |
236.0 |
237.6 |
239.2 |
234.5 |
235.9 |
-0.1 |
332 |
|
Nov 2013 |
237.3 |
238.8 |
240.7 |
235.7 |
237.3 |
+0.0 |
4,122 |
|
Total |
 |
4,759 |
|||||
MARKET NEWS
* The U.S. dollar held firm in Asia on Thursday, having posted its best one-day gain in over a month.
* Japanese stocks fell and oil was pressured after the Federal Reserve confirmed that it would begin to dial down stimulus this year if the economy continued to recover as it expected.
* Gold fell for a fourth straight session on Thursday to its lowest in a month.
DATA EVENTS
* The following data is expected on Thursday: (Time in GMT)
0658 France Markit Mfg Flash PMI Jun FRPMIF=ECI
0728 Germany Markit Mfg Flash PMI Jun DEPMIF=ECI
0758 EZ Markit Mfg flash PMI Jun EUPMMF=ECI
1230 U.S. Jobless claims Weekly ECONUS
1400 U.S. Philly Fed business indx Jun USPFDB=ECI
1400 U.S. Exist. home sales % chg May USEHSP=ECI
1400 U.S. Existing home sales May USEHS=ECI (Reporting by Yuka Obayashi; Editing by Edwina Gibbs)
Source: Reuters
