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Tokyo rubber futures fall on firm yen, China trade data awaited (Nov. 8)

TOKYO, Nov 8 (Reuters) – Benchmark TOCOM rubber futures fell nearly 1 percent in early Asian trade on Friday, hurt by a stronger yen, while traders were awaiting Chinese export and import data to assess demand in the world’s second-biggest economy.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for April delivery was changing hands 1.9 yen lower at 256.0 yen as of 0027 GMT. The benchmark contract is close to a near three-month low of 253.5 yen hit on Tuesday.

* The dollar rose to a near seven-week high at 99.41 yen in New York on robust U.S. economic data, before surrendering gains to trade at around 98.20 yen. That compared with about 98.63 on Thursday afternoon.

A stronger Japanese currency makes yen-denominated assets more expensive when purchased in other currencies.

* Data showing growth in the U.S. economy accelerated in the third quarter while jobless claims fell in the latest week, supported the case for a cutback in stimulus by the Federal Reserve later this year.

TOCOM Rubber Futures Prices on Friday, November 08, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Nov 2013

247.0

244.5

245.1

244.5

245.1

-1.9

2

Dec 2013

248.9

248.8

248.8

247.0

247.9

-1.0

11

Jan 2014

252.5

250.9

251.0

250.2

251.0

-1.5

58

Feb 2014

254.2

254.6

254.6

252.0

253.8

-0.4

102

Mar 2014

256.2

256.3

256.5

253.7

255.4

-0.8

1,028

Apr 2014

257.9

257.9

258.2

255.2

257.0

-0.9

2,343

Total

 

3,544

MARKET NEWS

* S&P 500 suffered its worst daily decline since August on Thursday, while frenzied buying in Twitter shares grabbed Wall Street’s attention.

* Brent crude oil futures slid nearly two percent on Thursday, posting a third straight day of losses, as a strong dollar and progress in talks between Iran and the West over Tehran’s disputed nuclear program pressured prices.

* Japan’s Nikkei share average was down 1.09 percent in early morning trade.

DATA EVENTS

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

– 0200 China Exports

– 0200 China Imports

– 0200 China Trade balance

– 0700 Germany Trade balance

– 0745 France Industrial output

– 0745 France Trade balance

– 1330 U.S. Unemployment rate

– 1330 U.S. Nonfarm payrolls

– 1455 U.S. Univ of Michigan sentiment index

– 1700 U.S. World Agricultural Supply and Demand Report (Reporting by Osamu Tsukimori; Editing by Ed Davies)

Source: Reuters

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