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Tokyo rubber futures rise as yen declines after Fed (June 20)

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

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