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
