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Tokyo rubber futures move higher as weaker yen boosts (Sept 4)

TOKYO, Sept 4 (Reuters) – Benchmark TOCOM rubber futures rose to a more than three-month high early on Wednesday as a weaker yen continued to bolster the contract that sets the tone for Southeast Asia tyre grade prices.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery was up 0.9 percent at 286.9 yen per kg at 0034 GMT, its highest level since May 23. The futures contract settled 2.1 percent higher on Tuesday.

* The U.S. dollar was quoted around 96.55 yen in early Asian trade, with the greenback higher after stronger-than-expected U.S. economic data lifted expectations the U.S. central bank will start scaling back stimulus this month.

* Japan’s central bank will consider further monetary easing if the country decides to raise its sales tax as planned to 8 percent from 5 percent in April, a local newspaper reported on Wednesday.

* Top rubber consumer China bought nearby physical cargoes this week to replenish stockpiles, with protests by Thai farmers barely causing a ripple in physical trading, dealers said late on Tuesday.

TOCOM Rubber Futures Prices on Wednesday, September 04, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Sep 2013

271.4

272.0

274.0

269.1

273.5

+2.1

8

Oct 2013

272.8

273.4

276.8

271.4

273.3

+0.5

15

Nov 2013

275.3

274.0

278.7

273.1

275.0

-0.3

68

Dec 2013

277.7

278.5

281.8

275.0

278.0

+0.3

127

Jan 2014

281.4

282.1

285.0

278.0

281.5

+0.1

1,169

Feb 2014

284.3

284.2

287.9

281.0

284.0

-0.3

3,499

Total

 

4,886

MARKET NEWS

* Japan’s benchmark Nikkei stock average dipped 0.6 percent in early Wednesday trade, as investors took profits after the benchmark closed near a three-week high the previous day.

* The 19-commodity Thomson Reuters-Jefferies CRB index rose 0.6 percent on Tuesday after 11 of the 19 futures markets it tracked ended in positive territory.

DATA EVENTS

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

– 0130 GMT Australia GDP yy Apr

– 0400 GMT U.S. Total vehicle sales Dec

– 0758 GMT EZ Markit Services PMI Aug

– 0930 GMT India M3 money supply

– 1145 GMT U.S. ICSC chain stores yy Weekly

– 1230 GMT U.S. International trade mm $ Dec

– 2030 GMT U.S. API weekly crude stocks Weekly

– 2030 GMT U.S. API weekly dist. stocks Weekly

– 2030 GMT U.S. API weekly gasoline stk Weekly (Reporting by James Topham; Editing by Richard Pullin)

Source: Reuters

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