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Tokyo rubber futures inch down on stronger yen (July 23)

TOKYO, July 23 (Reuters) – Key TOCOM rubber futures inched down on Tuesday due to a stronger yen, after closing at a near seven-week high the previous day.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for December delivery was changing hands 0.7 yen lower at 255.5 yen as of 0023 GMT. The benchmark contract closed on Monday at the highest price since June 5.

* The market got some support from a near five-month low in domestic rubber stocks.

* Crude rubber inventories at Japanese ports fell to 11,284 tonnes as of July 10, down 301 tonnes over a 10-day period to the lowest level since Feb. 20, data from the Rubber Trade Association of Japan showed on Friday.

* A pledge by the Group of 20 nations, which account for 90 percent of the world economy, to put growth before austerity has fueled hopes of a recovery in the consumption of commodities.

TOCOM Rubber Futures Price on Tuesday, July 23, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jul 2013

249.0

252.0

252.9

250.0

250.0

+1.0

35

Aug 2013

252.0

253.5

254.3

251.3

254.1

+2.1

21

Sep 2013

252.6

254.9

255.4

252.2

254.6

+2.0

39

Oct 2013

254.2

255.0

255.8

252.6

255.1

+0.9

113

Nov 2013

255.3

256.2

256.9

253.4

256.0

+0.7

305

Dec 2013

256.2

256.8

257.9

254.3

256.5

+0.3

3,380

Total

 

3,893

MARKET NEWS

* The S&P 500 notched a third consecutive record closing high on Monday and major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains.

* The dollar was nursing broad losses in Asia on Tuesday as soft U.S. housing data offered an excuse to sell, while a sharp fall in Portuguese bond yields provided a boost to the euro.

* U.S. oil prices pulled back sharply on Monday from last week’s 16-month high as traders sold to lock in profits from a blistering rally that briefly sent U.S. crude to a premium over Brent for the first time in nearly three years.

* Japan’s benchmark Nikkei average opened down 0.70 percent at 14,555.36 on Tuesday, while the broader Topix shed 0.51 percent to 1,210.28.

DATA EVENTS

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

– 0645 France Business climate

– 1145 U.S. ICSC weekly chain store sales

– 1255 U.S. Redbook weekly retail sales

– 2030 U.S. API weekly crude stocks

– 1300 U.S. FHFA home price index

– 1400 Euro zone Consumer confidence

– 1400 U.S. Richmond Fed composite index

(Reporting by Osamu Tsukimori; Editing by Richard Pullin)

Source: Reuters

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