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Tokyo rubber futures consolidate after hitting 3-month high

TOKYO, Aug 27 (Reuters) – Key TOCOM rubber futures were broadly steady on Tuesday, consolidating after hitting a three-month high in the previous day on low inventories in Japan.

FUNDAMENTALS

* The new key Tokyo Commodity Exchange rubber contract for February delivery traded at 278.5 yen as of 0035 GMT, down 0.3 yen from the opening price of 278.8 yen. The contract for January delivery, which expired Monday, jumped as much as 9.6 yen, or 3.6 percent, to an intra-day high of 279.0 yen, the highest since May 23 in the previous session.

* Thai rubber farmers held a protest in a southern province on Monday and threatened national action in a bid to force the government to restart a stockpiling scheme buying rubber at above-market prices.

* Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods also tumbled, casting a shadow over the economy early in the third quarter.

* The United States put Syrian President Bashar al-Assad on notice on Monday that it believes he was responsible for using chemical weapons against civilians last week in what Secretary of State John Kerry called a “moral obscenity.”

* Japan’s government opened on Monday a week-long hearing with economists, business leaders and consumer advocates that may help determine Prime Minister Shinzo Abe’s decision on how to proceed with a planned increase in sales tax.

* Daimler AG’s DAIGn.DE Mercedes-Benz will launch about 20 new or upgraded car models in China over the next two years, part of a broader turnaround effort aimed at reversing the brand’s recent struggles in the world’s biggest auto market.

TOCOM Rubber Futures Price on Tuesday, August 27, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Sep 2013

266.9

267.4

267.4

266.0

266.0

-0.9

11

Oct 2013

269.6

269.5

269.5

268.6

268.8

-0.8

49

Nov 2013

271.0

271.3

271.7

270.6

270.6

-0.4

64

Dec 2013

274.1

273.8

274.6

272.4

273.3

-0.8

142

Jan 2014

277.0

276.4

277.2

275.0

275.9

-1.1

2,214

Feb 2014

278.8

279.6

277.1

278.0

1,157

Total

 

3,637

MARKET NEWS

* Japan’s Nikkei share average opened lower on Tuesday, tracking a decline on Wall Street, with investors remain sidelined amid a lack of trading cues.

* The dollar was marking time against the majors on Tuesday after disappointing U.S. data dragged Treasury yields lower but failed to budge bets the Federal Reserve will start tapering stimulus next month. The dollar was stuck at 98.51 yen having wandered between 98.35 and 98.70 overnight.

* U.S. crude rose above $106 a barrel on Tuesday amid jitters in the Middle East as the United States and its allies discussed possible action against the Syrian government following a chemical weapons attack in Syria.

DATA EVENTS

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

0800 Germany Ifo business climate

1145 U.S. ICSC weekly chain store sales

1230 U.S. Chicago Fed manufacturing index

1300 U.S. CaseShiller home price index

1400 U.S. Consumer confidence

1400 U.S. Richmond Fed manufacturing index

(Reporting by Yuka Obayashi)

Source: Reuters

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