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Tokyo rubber futures steady as falling oil offsets weaker yen (Nov.13)

TOKYO, Nov 13 (Reuters) – Key TOCOM rubber futures stood little changed on Wednesday, as a plunge in oil futures offset the yen weakening to a two-month low against the dollar.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for April delivery was changing hands 0.5 yen, or 0.2 percent, higher at 259.1 yen as of 0037 GMT.

The market stood fairly close to a near three-month low of 253.5 yen hit on Nov. 5.

* China’s leaders pledged to let markets play a “decisive” role in the economy as they unveiled a reform agenda for the next decade on Tuesday, looking to secure new drivers of future growth.

The statement issued at the end of the Communist Party’s four-day meeting was short on details and clear reform measures and unlikely to impact markets.

TOCOM Rubber Futures Prices on Wednesday, November 13, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Nov 2013

248.5

249.6

249.6

247.3

247.3

-1.2

11

Dec 2013

250.2

250.5

251.8

248.5

250.2

+0.0

52

Jan 2014

251.9

253.2

254.1

250.7

252.2

+0.3

20

Feb 2014

254.4

255.7

256.6

252.8

254.6

+0.2

198

Mar 2014

256.6

257.5

259.0

254.8

257.0

+0.4

224

Apr 2014

258.6

258.7

261.2

256.5

258.4

-0.2

2,737

Total

 

3,242

MARKET NEWS

* The Dow and the S&P 500 ended slightly lower on Tuesday after rising bond yields increased debate over how soon the Federal Reserve would start trimming its stimulus programme.

* The dollar advanced to a two-month high against the yen on Tuesday.

* U.S. oil futures fell more than $2 a barrel on Tuesday, posting a fresh four-and-a-half-month low, amid speculation the Fed could ease up on its monetary stimulus.

* Japan’s Nikkei average was down 0.16 percent in early trade.

DATA EVENTS

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

– 1000 Euro zone industrial production

– 1130 India M3 money supply

– 1200 U.S. weekly mortgage market index

– 1900 U.S. Federal budget (Reporting by Osamu Tsukimori; diting by Joseph Radford)

Source: Reuters

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