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Tokyo rubber futures inch up on higher oil prices (Dec. 12)

TOKYO, Dec 12 (Reuters) – Key TOCOM rubber futures edged up on Thursday, as higher oil prices offset pressure from a stronger yen, while dealers waited to see if the U.S. Federal Reserve will taper its stimulus soon.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for May delivery was changing hands 0.7 yen higher at 280.4 yen as of 0034 GMT. The benchmark contract stood nearly 1 percent down from a 2-1/2 month peak hit on Tuesday.

* News that Congress has reached a bipartisan budget deal that would end three years of impasse and fiscal instability was seen clearing a potential hurdle for the Fed to taper its massive bond-buying program.

TOCOM Rubber Futures Prices on Thursday, December 12, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Dec 2013

274.9

274.5

275.9

274.5

275.9

+1.0

21

Jan 2014

273.2

274.3

275.0

274.3

275.0

+1.8

4

Feb 2014

273.5

273.8

275.8

273.8

275.8

+2.3

111

Mar 2014

274.9

274.4

277.0

274.4

277.0

+2.1

56

Apr 2014

277.4

276.8

280.0

276.8

279.7

+2.3

327

May 2014

279.7

279.0

282.3

278.9

281.9

+2.2

2,046

Total

 

2,565

MARKET NEWS

* U.S. stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.

* The yen held firm in Asia on Thursday, having risen broadly on the back of a slump on Wall Street as expectations grew the Federal Reserve could scale back stimulus as early as next week.

* Brent oil rose on supply concerns as traders remained skeptical that Libyan oil exports would resume while U.S. crude fell after government data showed large builds in refined oil products, suggesting sluggish oil demand.

* Japan’s Nikkei share average was down 0.97 percent, falling for a third day, following Wall Street’s losses.

DATA EVENTS

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

– 1000 Euro zone Industrial production

– 1330 U.S. Weekly jobless claims

– 1330 U.S. Import prices

– 1330 U.S. Export prices

– 1330 U.S. Retail sales

– 1500 U.S. Business inventories

(Reporting by Osamu Tsukimori; Editing by Richard Pullin)

Source: Reuters

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