TOKYO, Feb 19 (Reuters) – Key TOCOM rubber futures fell 1 percent on Tuesday, approaching a two-week low and reversing gains from a day earlier after the yen steadied against the dollar.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for July delivery <0#2JRU:> was trading 3.9 yen lower at 320.3 yen as of 0046 GMT. It settled up 2.8 yen a day earlier on the back of a weaker yen and the strength in the Nikkei stock market.
The benchmark contract fell as low as 320.4 yen, edging towards a two-week low of 320.0 hit on Friday.
* Tokyo futures, which set the tone for tyre grade prices in Southeast Asia, had rallied to their highest in 10 months around 337 yen this month, supported by a weaker Japanese currency.
TOCOM Rubber Futures Prices on February 19, 2013 ( yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Feb 2013 |
307.0 |
306.5 |
306.5 |
301.8 |
302.4 |
-4.6 |
17 |
|
Mar 2013 |
306.5 |
306.0 |
306.1 |
301.5 |
302.0 |
-4.5 |
21 |
|
Apr 2013 |
311.0 |
310.9 |
310.9 |
306.0 |
306.0 |
-5.0 |
77 |
|
May 2013 |
315.0 |
314.6 |
314.7 |
309.8 |
310.7 |
-4.3 |
142 |
|
Jun 2013 |
320.0 |
319.3 |
319.3 |
311.0 |
315.5 |
-4.5 |
364 |
|
Jul 2013 |
324.2 |
324.0 |
324.1 |
315.2 |
319.6 |
-4.6 |
3,323 |
|
Total |
|
3,944 |
|||||
MARKET NEWS
* U.S. markets were closed on Monday for a national holiday.
* The yen stood little changed on Tuesday from a day earlier, holding near a 33-month low against the dollar.
* Brent crude oil consolidated below $118 per barrel on Monday, underpinned by expectations of improving global growth and continuing tensions in the Middle East.
* Japan’s Nikkei share average edged downwards at Tuesday’s open as investors awaited the appointment of a new Bank of Japan governor and eyed risks in the euro zone.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
– 1000 Germany ZEW economic sentiment
– 1500 U.S. NAHB housing market index (Reporting by Osamu Tsukimori; Editing by Ed Davies)
Source: Reuters
