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Thursday, October 21, 2021

Tokyo rubber futures nudge up, Fed meeting notes awaited (Aug 21)

TOKYO, Aug 21 (Reuters) – Benchmark TOCOM rubber futures captured some of the previous day’s losses on Thursday, but trading looks to be slow before the release of U.S. Central Bank meeting minutes which could shed more light on the central bank’s stimulus strategy.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was up 1.0 yen at 261.8 yen per kg at 0032 GMT, after settling 5.7 yen lower on Tuesday.

* The U.S. Federal Reserve publishes the minutes of its July 30-31 meeting later on Wednesday, and markets are looking for any wording that indicates the pace and timing of the central bank’s plans to trim its monthly bond buying of $85 billion.

* Bank of Japan Governor Haruhiko Kuroda said he won’t hesitate to provide further monetary stimulus if downside risks from a planned sales tax hike or overseas economies increase, according to an Japanese newspaper interview on Wednesday.

TOCOM Rubber Futures Price on Wednesday, August 21, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Aug 2013

251.5

251.8

253.0

250.0

250.8

-0.7

13

Sep 2013

253.6

252.2

254.9

252.2

253.7

+0.1

19

Oct 2013

253.9

253.2

256.6

253.2

254.7

+0.8

24

Nov 2013

255.5

255.0

258.1

254.8

256.5

+1.0

37

Dec 2013

258.5

256.7

259.5

256.6

258.7

+0.2

102

Jan 2014

260.8

259.1

262.5

258.6

260.2

-0.6

2,669

Total

 

2,864

MARKET NEWS

* Japan’s benchmark Nikkei stock average edged up 0.6 percent in early Wednesday trade, boosted by Wall Street snapping a four-session losing streak.

* The yen was quoted around 97.48 yen to the dollar in early Asian trade, with the yen losing some ground to the greenback.

* The 19-commodity Thomson Reuters-Jefferies CRB index dropped nearly one percent on Tuesday as crude oil tumbled on excess supply fears and larger-than-expected stockpiles weighed on arabica coffee and cotton prices.

DATA EVENTS

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

1400 U.S. Existing home sales

1800 U.S. Federal Open Market Committee releases minutes from its July 30-31 meeting (Reporting by James Topham; Editing by Stephen Coates)

Source: Reuters

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