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Tokyo rubber futures hit 2-1/2 mth high

TOKYO: Key TOCOM rubber futures hit a 2-1/2-month peak on Tuesday as the yen weakened, although the contract later eased as it came under pressure from declining oil prices.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for May delivery was changing hands 0.4 yen lower at 280.7 yen ($2.72) as of 0025 GMT. The benchmark contract earlier climbed to 282.5 yen – the highest since 283.7 yen on Sept. 24.

* Against the yen, the greenback rose to 103.35 and was close to a five-year high of 103.74 set back in May.

The Japanese currency continues to be the funding currency of choice thanks to the Bank of Japan’s ultra-loose monetary policy and expectations of more easing next year when tax hikes kick in.

* India’s natural rubber imports fell 4.57 percent on the year in November to 22,872 tonnes, the Rubber Board said, as tyremakers reduced overseas purchases after prices in local markets plunged to their lowest level in more than three years.

Output of natural rubber fell 7.1 percent to 91,000 in November, the trade body said.

* Michelin and Tereos said they would join forces to develop a rubber derived from sugar beet, grain and waste that could replace some of the natural and oil-based synthetic rubber used in tyres.

TOCOM Rubber Futures Prices on Tuesday, December 10, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Dec 2013

275.3

275.3

276.0

275.3

276.0

+0.7

9

Jan 2014

273.1

273.1

274.2

272.5

273.6

+0.5

316

Feb 2014

274.9

274.9

276.4

274.7

275.0

+0.1

98

Mar 2014

276.1

275.8

277.6

275.8

276.1

+0.0

63

Apr 2014

279.0

279.4

280.2

278.5

278.9

-0.1

367

May 2014

281.1

281.0

282.5

280.5

280.8

-0.3

2,482

Total

 

3,335

MARKET NEWS

* U.S. stocks edged higher on Monday, with the S&P 500 closing at a record high, as traders awaited more clues from the Federal Reserve on whether the U.S. central bank would soon begin winding down its economic stimulus.

* Brent crude fell 2 percent on Monday in reaction to well-supplied markets and limited demand from European refiners, narrowing the gap between the global and U.S. oil benchmarks to its slimmest in nearly a month.

* Japan’s Nikkei average was down 0.33 percent after climbing 2.3 percent a day earlier, its best one-day gain in three months- Reuters

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