TOKYO, March 4 (Reuters) – Key TOCOM rubber futures bounced 1 percent from a two-month low in early trade on Monday, as Tokyo share prices extended recent gains after strong U.S. data overshadowed U.S. spending cuts and growth concerns in China and Europe.
FUNDAMENTALS
* The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery was changing hands up 2.9 yen, or 1 percent, at 287 yen per kg as of 0033 GMT.
* The contract fell to a low of 282.7 yen in an after-hours session on Friday, which is a part of Monday’s trade. It was the lowest level for any benchmark since Dec. 20 and down 16.1 percent from a 10-month high marked in February.
* U.S. manufacturing activity expanded last month at its fastest clip in 20 months, a report on Friday showed. U.S. consumer sentiment also rose in February as Americans turned more optimistic about the job market.
* U.S. auto sales rose nearly 4 percent in February, delivering a better-than-expected performance as strength in the U.S. housing market tempered worries over the wave of U.S. federal spending cuts due to begin on Friday.
* Toyota Motor Corp and its China joint ventures sold 36,300 cars in the country in February, down 45.7 percent from a year earlier, the Japanese automaker said on Friday.
TOCOM Rubber Futures Prices on March 4, 2013 (yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Mar 2013 |
267.0 |
266.2 |
269.0 |
266.2 |
269.0 |
+2.0 |
9 |
|
Apr 2013 |
270.0 |
273.1 |
273.1 |
270.1 |
271.3 |
+1.3 |
105 |
|
May 2013 |
273.0 |
275.2 |
277.0 |
273.0 |
275.0 |
+2.0 |
197 |
|
Jun 2013 |
277.1 |
278.3 |
280.0 |
276.0 |
278.4 |
+1.3 |
202 |
|
Jul 2013 |
280.1 |
280.2 |
283.6 |
279.0 |
281.3 |
+1.2 |
1,195 |
|
Aug 2013 |
284.1 |
284.5 |
287.4 |
282.7 |
285.0 |
+0.9 |
3,808 |
|
Total |
|
5,516 |
|||||
MARKET NEWS
* The dollar was little changed against the yen on Monday after rising more than 1 percent to 93.56 yen on Friday, its biggest one day gain in three weeks.
* Japan’s Nikkei share average opened up 0.77 percent at 11,695.45 on Monday.
* Brent crude prices fell to a six-week low below $110 per barrel on Friday, erasing all gains so far in 2013 as political gridlock in Washington was set to trigger automatic U.S. budget cuts.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
0930 Euro zone Sentix index
1000 Euro zone Producer prices
1445 U.S. ISM-New York business index
(Reporting by Risa Maeda; Editing by Richard Pullin)
Source: Reuters
