TOKYO, March 22 (Reuters) – Key TOCOM rubber futures fell more than 2 percent on Friday, pulling back from a 3-percent rally in the previous session, as a rebound in the yen and falling shares tied to concerns over the debt crisis in Cyprus weighed on prices.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for August delivery <0#2JRU:> was trading 2.2 percent lower at 275.8 yen per kg as of 0023 GMT.
* On Monday, the contract touched a three-month low of 269.5 yen after a proposed bank bailout for Cyprus made investors risk averse, strengthening the yen and hurting economy-sensitive commodity and equity markets that had gained recently.
* The European Union on Thursday gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone.
* China imposed long-debated stringent fuel economy standards on Wednesday, making life tougher for cash-strapped small domestic brands that are already struggling amid a slowdown of the world’s biggest auto market.
* China imported 146,195 tonnes of natural rubber in February, down 3.5 percent from a year earlier, due partly to Luna New Year holiday. For the first two months of 2013, the world’s biggest rubber consumer imported 38.4 percent more rubber than in the same period a year earlier, customs data showed on Thursday.
* U.S. auto sales in March are expected to rise 8 percent and the annual sales pace should top 15 million for the fifth straight month as consumers shake off worries about the economy, according to research firms J.D. Power and Associates and LMC Automotive.
TOCOM Rubber Futures Price on March 22, 2013 (yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Mar 2013 |
265.4 |
265.4 |
269.4 |
260.4 |
260.4 |
-5.0 |
91 |
|
Apr 2013 |
268.9 |
268.3 |
268.3 |
262.5 |
263.8 |
-5.1 |
28 |
|
May 2013 |
272.9 |
272.3 |
272.3 |
265.6 |
268.1 |
-4.8 |
104 |
|
Jun 2013 |
275.6 |
276.9 |
276.9 |
269.5 |
271.9 |
-3.7 |
128 |
|
Jul 2013 |
278.9 |
279.2 |
279.2 |
272.5 |
275.5 |
-3.4 |
178 |
|
Aug 2013 |
282.0 |
283.5 |
283.6 |
275.1 |
278.0 |
-4.0 |
3,528 |
|
Total |
|
4,057 |
|||||
MARKET NEWS
* Japan’s Nikkei share average fell on Friday, pulling back from a 4 1/2-year high marked on the previous day on renewed worries about Cyprus’ debt problems, while gains in the yen hurt exporters.
* U.S. crude futures stood little changed on Friday to hold above $92 a barrel after falling more than 1 percent a day earlier as investors waited to see if Cyprus can strike a bailout deal by Monday.
* The dollar traded at 95.03 yen early in Asia, having fallen more than 1 percent on Thursday, after new BOJ governor, Haruhiko Kuroda, played down the chances of an emergency meeting ahead of the scheduled April 3-4 policy review.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT) 0745 France Business climate 0900 Germany Ifo business climate 1930 U.S.
CFTC commitment of traders data
(Reporting by Risa Maeda; Editing by Ed Davies)
Source: Reuters
