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Tokyo rubber futures rise 1 pct on weaker yen (June 26)

TOKYO, June 26 (Reuters) – Benchmark Tokyo rubber futures rose on Wednesday, helped by a weaker yen and higher Nikkei share prices after China’s moves to allay fears of a credit crunch and a batch of positive U.S. economic data.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading up 1.04 percent at 232.9 yen per kg as of 0030 GMT, moving away from a nine-month low touched on Tuesday.

* The contract climbed to 234.4 yen early in the session.

* China’s central bank moved on Tuesday to further assure markets it would provide cash to institutions that need it following days of turmoil amid fears of a banking crisis.

* The U.S. economy appears to be gaining momentum with data showing strong gains in business spending plans last month and the largest annual rise in house prices in seven years in April.

TOCOM Rubber Futures Prices on Wednesday, June 26, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jul 2013

227.2

229.2

231.0

229.2

230.0

+2.8

32

Aug 2013

228.0

231.1

232.0

229.5

230.9

+2.9

31

Sep 2013

227.6

232.1

232.1

229.0

231.9

+4.3

23

Oct 2013

228.6

231.0

232.5

229.5

231.4

+2.8

100

Nov 2013

229.9

232.9

234.0

230.6

231.9

+2.0

2,222

Dec 2013

230.5

233.0

235.0

231.5

233.1

+2.6

2,781

Total

 

5,189

MARKET NEWS

* Japan’s Nikkei share average bounced on Wednesday after China took steps to allay fears of a credit crunch, while sentiment also got a boost from robust U.S. data and gains on Wall Street overnight.

* The U.S. dollar was back on the front foot in Asia on Wednesday after the latest batch of U.S. economic data supported the Federal Reserve’s recovery view and lifted U.S. Treasury yields.

* Crude oil prices ended near flat in sluggish trade on Tuesday as stronger equity markets put a floor under prices and Brent’s premium over U.S. crude slid below $6.

DATA EVENTS

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

0600 Germany GfK consumer sentiment

1230 U.S.Final Q1 GDP

(Reporting by Yuka Obayashi; Editing by Richard Pullin)

Source: Reuters

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