TOKYO, Feb 7 (Reuters) – Key TOCOM rubber futures firmed on Thursday but could struggle to break through a 10-month high hit the previous day as share prices pare recent gains and with limited trading expected ahead of a European Central Bank policy decision later in the day.
FUNDAMENTALS
* The most-active Tokyo Commodity Exchange rubber contract for July delivery <0#2JRU:> was trading at 334.8 yen per kg as of 0026 GMT, up 0.8 yen, or 0.2 percent, from Wednesday’s close.
* On Wednesday, a fall in the yen to a 33-month low versus the dollar helped the contract rise as far as 337.8 yen, the highest for any benchmark since late March 2012.
* The ECB is unlikely to contemplate an interest rate cut at Thursday’s policy meeting despite the euro’s sharp rise, but its chief almost certainly faces a grilling afterwards over an Italian banking scandal.
* Japan’s core machinery orders rose 2.8 percent in December, up for a third straight month, government data showed on Thursday, in a sign a global economic recovery and a weaker yen will encourage companies to increase capital spending.
* Markets in China will be closed for a week starting on Feb. 9 for the Lunar New Year holiday.
TOCOM Rubber Futures Prices on February 7, 2013 ( yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Feb 2013 |
311.0 |
310.0 |
311.0 |
309.5 |
309.5 |
-1.5 |
31 |
|
Mar 2013 |
312.5 |
313.1 |
313.1 |
311.0 |
311.0 |
-1.5 |
40 |
|
Apr 2013 |
319.3 |
318.1 |
321.0 |
316.9 |
316.9 |
-2.4 |
122 |
|
May 2013 |
324.8 |
324.7 |
325.5 |
322.1 |
322.1 |
-2.7 |
198 |
|
Jun 2013 |
329.5 |
329.5 |
330.3 |
326.8 |
326.8 |
-2.7 |
985 |
|
Jul 2013 |
334.0 |
333.2 |
335.4 |
331.0 |
331.5 |
-2.5 |
3,478 |
|
Total |
|
4,854 |
|||||
MARKET NEWS
* Japan’s Nikkei share average fell early on Thursday as investors locked in some profits after the market jumped to a four-year high the previous day.
* The dollar took a breather against the yen on Thursday, retreating to 93.59 yen from a 33-month peak around 94.08 marked the day earlier.
* Brent crude oil futures posted a modest rise on Wednesday on economic optimism, while U.S. crude prices slipped after data showed an unexpected rise in U.S. crude oil inventories.
DATA EVENTS
* The following data is expected on Thursday: (GMT)
0530 India 2011/12 GDP
0745 France Trade data
1100 Germany Industrial output
1200 Britain BOE rate decision
1245 Euro zone ECB rate decision
1330 ECB President Mario Draghi gives news conference
1330 U.S. Weekly jobless claims
2000 U.S. Consumer credit
N/A EU Summit in Brussels
(Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
