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Tokyo rubber futures rise as data suggests global rebound (Aug 23)

TOKYO, Aug 23 (Reuters) – Benchmark TOCOM rubber futures rose on Friday after the outlook for the global economy brightened following overnight overseas data that showed a pick-up in business activity for several regions.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was up 0.8 percent at 268.0 yen per kg at 0033 GMT, after settling 2.8 percent higher on Thursday.

* Business surveys suggested the world economy was improving on Thursday, with U.S. and Chinese manufacturing activity at multi-month highs and better-than-expected growth in the euro zone.

* Indian monsoon rains were 51 percent below average in the rubber growing state of Kerala in the week to August 21, data showed lated on Thursday.

* U.S. auto sales in August are on pace to show a 12 percent rise from last year, market analysts J.D. Power & Associates and LMC Automotive said late on Thursday.

TOCOM Rubber Futures Price on Friday, August 23, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Aug 2013

255.3

255.7

258.8

255.2

257.6

+2.3

45

Sep 2013

257.6

259.6

262.1

259.4

262.1

+4.5

19

Oct 2013

259.1

261.0

263.6

260.0

263.6

+4.5

32

Nov 2013

260.8

261.2

265.5

261.2

264.9

+4.1

180

Dec 2013

263.1

263.7

267.9

263.5

267.4

+4.3

360

Jan 2014

266.0

266.2

270.8

265.8

269.3

+3.3

4,469

Total

 

5,105

MARKET NEWS

* Japan’s benchmark Nikkei stock average rose 2 percent in early Thursday trade, following overnight gains on Wall Street and as encouraging economic data from Japan’s major trading partners benefited stocks of exporters.

* The U.S. dollar was quoted around 98.94 yen in early Asian trade, holding overnight gains above an Aug. 15 peak of 98.66 yen.

* The 19-commodity Thomson Reuters-Jefferies CRB index settled flat on Thursday as gains in natural gas and the index’s main component, crude oil, were balanced by declines in other commodities.

DATA EVENTS

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

0200 China Foreign direct investment

0600 Germany Q2 GDP detailed

1400 Euro zone Consumer confidence

1400 U.S. New home sales

(Reporting by James Topham; Editing by Richard Pullin)

Source: Reuters

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