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Tokyo rubber futures drop for 3rd day, eyes on China data (July 9)

TOKYO, July 8 (Reuters) – Benchmark Tokyo rubber futures edged down on Tuesday, extending a 2 percent fall in the previous session, as investors awaited Chinese data later in the day for further indications on the state of the world’s second-biggest economy.

FUNDAMENTALS

* The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading down 0.3 percent at 239.4 yen per kg as of 0043 GMT.

The futures contract fell 2 percent to settle at a one-week low on Monday, as fears about China’s plans to choke off credit deepened concerns about global economic growth sapping buying demand.

* Chinese consumer inflation is expected to rise to 2.5 percent for June, according to a Reuters poll, which is well below the Chinese central bank’s 3.5 percent target for 2013.

TOCOM Rubber Futures Price on Tuesday, July 09, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jul 2013

237.9

235.5

238.2

235.5

238.2

+0.3

7

Aug 2013

237.0

237.1

239.3

237.0

238.8

+1.8

35

Sep 2013

238.4

238.5

240.3

237.0

239.3

+0.9

81

Oct 2013

238.3

239.1

240.0

236.6

239.4

+1.1

106

Nov 2013

239.5

239.6

240.6

237.0

240.2

+0.7

598

Dec 2013

240.1

240.0

241.0

237.0

240.0

-0.1

3,318

Total

 

MARKET NEWS

* The yen edged up against the dollar early on Tuesday as investors took pause following the greenback’s recent rally, but the dollar’s broad uptrend is seen intact as the market tries to position for when the U.S. central bank starts to slow its stimulus.

* The Nikkei stock average rose 0.9 percent in early trade on Tuesday, tracking gains in U.S. and European bourses as the U.S. corporate results season bolsters investor optimism after last week’s solid U.S. employment growth data.

* The 19-commodity Thomson Reuters-Jefferies CRB index rose nearly 0.7 percent on Monday to hit its highest level in 2-1/2 weeks as the dollar decline supported gold and copper, while corn and wheat prices gained on expectations of lower supplies.

DATA EVENTS

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

DATA/EVENTS (GMT)

0130 China CPI

0130 China PPI

1130 U.S. NFIB business optimism index

1145 U.S. ICSC weekly chain store sales

1400 U.S. Employment trends

2030 U.S. API weekly crude stocks (Reporting by James Topham; Editing by Ed Davies)

Source: Reuters

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