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Monday, August 15, 2022

Tokyo rubber futures steady ahead of China’s GDP data (Jan. 20)

TOKYO, Jan 20 (Reuters) – Key TOCOM rubber futures were little changed on Monday ahead of China’s fourth-quarter gross domestic product (GDP) data, as worries about demand from top buyer China lingered.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for June delivery was changing hands 0.6 yen lower at 252.4 yen as of 0028 GMT, after falling for a fifth week in a row last week.

* China’s economy likely grew in 2013 at its weakest rate in 14 years due to a deceleration in the fourth quarter as a result of flagging investment and demand, heralding more sober times ahead.

Analysts say the world’s second biggest economy could cool further as China’s efforts to increase domestic consumption at the expense of exports and investment gather pace this year.

* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 5.6 percent week-on-week, the exchange said on Friday, adding to already swelling stockpiles.

* The dollar weakened slightly to 104.05 yen from 104.27 on Friday.

TOCOM Rubber Futures Prices on Monday, January 20, 2014 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jan 2014

264.2

262.3

262.3

261.0

262.0

-2.2

54

Feb 2014

261.6

261.7

262.7

258.8

260.7

-0.9

77

Mar 2014

251.5

251.0

251.6

247.5

249.3

-2.2

189

Apr 2014

250.4

250.6

251.0

247.2

249.5

-0.9

140

May 2014

252.1

252.6

252.6

248.4

251.5

-0.6

591

Jun 2014

253.0

253.8

253.8

249.2

252.2

-0.8

3,710

Total

 

4,761

MARKET NEWS

* The S&P 500 and Nasdaq declined on Friday as results from Intel and General Electric were the latest to dampen the view on fourth-quarter earnings.

* Demand for heating fuels and rising gasoline prices drove oil higher on Friday, but gains were limited by a stronger dollar and expectations for increased supply from Libya and Iran.

* Japan’s Nikkei share average was trading down 0.58 percent in early trade.

DATA EVENTS

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

– 0200 China Q4 GDP

– 0200 China Retail sales

– 0200 China Industrial output

– 0700 Germany Producer prices

– 0900 Italy Industrial orders

(Reporting by Osamu Tsukimori; Editing by Richard Pullin)

Reuters

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