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Tokyo rubber futures down on slack stocks and oil prices (Aug 20)

TOKYO, Aug 20 (Reuters) – Benchmark TOCOM rubber futures dropped for a second day on Tuesday in a lacklustre trade, weighed down by slack Nikkei share prices and oil prices.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was down 2.6 yen, or 0.98 percent lower, at 263.9 yen per kg at 0030 GMT. It settled 0.8 yen lower at 266.5 yen per kg on Monday.

* The yen was quoted at 97.70 yen to the U.S. dollar in Asian trade on Tuesday, little changed from the previous day.

* The rubber inventory in China’s bonded warehouses in Qingdao slipped nearly 5 percent to just below 300,000 tonnes in the last two weeks as local tyre makers turned to cheaper supply, dealers said on Monday.

* German economic growth should steady after a strong second quarter, the Bundesbank said on Monday, adding that the European Central Bank’s forward guidance on low interest rates was “not an unconditional commitment”.

* Minutes from the U.S. central bank’s last policy meeting will be released on Wednesday and could provide investors with fresh clues on when the Fed plans to taper its monthly $85 billion in asset purchases, which many believe could begin next month.

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Aug 2013

260.5

259.2

259.2

255.5

255.5

-5.0

5

Sep 2013

260.7

260.7

260.7

255.7

255.7

-5.0

8

Oct 2013

260.5

258.7

259.0

256.3

256.3

-4.2

21

Nov 2013

261.7

260.7

260.7

257.4

258.0

-3.7

42

Dec 2013

264.2

263.7

264.0

259.9

260.2

-4.0

305

Jan 2014

266.5

265.9

266.4

262.0

262.3

-4.2

3,873

Total

 

4,254

MARKET NEWS

* Japan’s Nikkei share average slipped on Tuesday, tracking another weak showing on Wall Street, with the absence of positive catalysts set to keep investors sidelined for much of the day.

* Oil prices ended the day slightly lower on Monday as light profit-taking pressured prices but unrest in Egypt and the loss of Libyan oil exports put a floor under them.

* Grains prices surged on Monday as dry weather threatened to trim U.S. crop yields, and gold and copper fell on the possibility of a cut in the U.S. monetary stimulus program starting next month.

DATA EVENTS

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

– 0600 Germany Producer prices

– 1145 U.S. ICSC weekly chain store sales

– 1230 U.S. Chicago national activity index

– 1255 U.S. Redbook weekly retail sales

(Reporting by Yuka Obayashi; Editing by Supriya Kurane)

Source: Reuters

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