TOKYO, Jan 15 (Reuters) – Key TOCOM rubber futures rose as much as 2.2 percent on Tuesday as yen weakness brightened sentiment and boosted shares to a 32-month high, although the contract later gave up some gains as traders took profits.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for June delivery <0#2JRU:> was up 1.3 percent, or 4.1 yen, at 316.3 yen per kg as of 0050GMT. The benchmark contract earlier rose as high as 319.1 yen, up 2.2 percent.
* Japan’s Prime Minister Shinzo Abe said on Sunday the central bank must set a 2-percent inflation target as a medium-term, not long-term, objective. This indicates the central bank would have to print more yen to boost the economy.
* Japan last week approved a $117 billion stimulus package, the biggest spending boost since the financial crisis, in an effort to support the economy.
* Nissan Motor Co. CEO Carlos Ghosn said the U.S. car market should expand this year, but is looking for European sales to contract another 3 percent.
TOCOM Rubber Futures Prices on Jan 15, 2013 (yen / kilogram )
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jan 2013 |
298.4 |
298.0 |
303.0 |
298.0 |
299.5 |
+1.1 |
22 |
|
Feb 2013 |
299.8 |
298.2 |
305.5 |
297.8 |
301.9 |
+2.1 |
22 |
|
Mar 2013 |
302.2 |
302.3 |
308.0 |
301.2 |
305.1 |
+2.9 |
31 |
|
Apr 2013 |
305.5 |
305.2 |
312.5 |
303.0 |
308.6 |
+3.1 |
153 |
|
May 2013 |
308.6 |
308.5 |
315.6 |
306.0 |
311.0 |
+2.4 |
780 |
|
Jun 2013 |
312.2 |
311.3 |
319.1 |
309.4 |
314.6 |
+2.4 |
5,429 |
|
Total |
6,437 |
||||||
MARKET NEWS
* Japan’s Nikkei share average rose 1.2 percent to a 32-month high in early trade as the yen’s weakness boosted demand for exporters’ shares.
* The yen was quoted at 89.47 to the dollar on Tuesday after falling to a 2-1/2-year low of 89.67 in the previous session, while the Japanese currency was traded at 119.76 to the euro.
* U.S. crude oil prices rose 58 cents to settle at $94.14 a barrel on Monday, led higher by strength in the distillate futures following a series of refinery glitches.
DATA EVENTS
* The following data is expected on Tuesday:
– 0800 Germany 2012 GDP
– 1000 Euro zone Eurostat trade Nov
– 1245 U.S. ICSC weekly chain store sales
– 1330 U.S. PPI inflation Dec
– 1330 U.S. Retail sales Dec
– 1330 U.S. New York Fed manufacturing Jan
– 1500 U.S. Business inventories Nov
– 2130 U.S. API weekly crude stocks
(Reporting by Yuko Inoue; Editing by Richard Pullin)
Source: Reuters
