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Tokyo rubber futures hit 3-month high on weaker yen (Sept 3)

TOKYO, Sept 3 (Reuters) – Key TOCOM rubber futures rose nearly 3 percent on Tuesday to hit a three-month high in early morning trade, as the yen held at a one-month low against the dollar.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for February delivery was changing hands 6.1 yen higher at 284.6 yen as of 0036 GMT. The benchmark contract rose as much as 2.9 percent to 286.7 yen, the highest since May 23.

* The safe-haven yen started Asian trade at one-month lows against the dollar on Tuesday, having fallen broadly as fresh signs of a pickup in global manufacturing activity helped lift risk appetite. A weak yen makes yen-denominated assets more affordable when purchased in other currencies.

* A prolonged protest by rubber farmers in Thailand’s southern Nakhon Si Thammarat province has disrupted distribution systems and delayed thousands of tonnes of prompt Thai rubber shipments for up to two weeks, exporters said on Monday.

TOCOM Rubber Futures Prices on Tuesday, September 03, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Sep 2013

265.6

268.3

272.0

268.3

272.0

+6.4

11

Oct 2013

267.0

269.5

275.0

269.5

274.6

+7.6

58

Nov 2013

269.4

271.4

277.1

271.4

276.6

+7.2

32

Dec 2013

271.7

274.2

280.1

274.2

279.7

+8.0

217

Jan 2014

275.9

278.2

285.6

278.2

282.5

+6.6

1,234

Feb 2014

278.5

281.5

286.7

281.0

284.9

+6.4

3,721

Total

 

5,273

MARKET NEWS

* U.S. crude futures fell in early Asian trade on Tuesday as President Barack Obama’s efforts to persuade the Congress to back his plan to attack Syria met with skepticism.

* Japan’s benchmark Nikkei average opened up 1.29 percent at 13,748.68 on Tuesday, while the broader Topix gained 1.38 percent to 1,133.16.

* The U.S. stock market was closed on Monday for the Labor Day holiday.

DATA EVENTS

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

– 0430 Australia RBA cash rate Sep

– 1200 Brazil Industrial output Jul

– 1400 U.S. ISM Manufacturing PMI Aug

– 1400 U.S. Construction spending Jul (Reporting by Osamu Tsukimori; Editing by Richard Pullin)

Source: Reuters

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