TOKYO, April 1 (Reuters) – Key TOCOM rubber futures fell nearly 1 percent on Monday after lower-than-expected Chinese PMI data , though losses were seen limited amid hopes that the Bank of Japan would unveil bold monetary easing steps later this week.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for September delivery was changing hands 2.3 yen lower at 271.7 yen as of 0121 GMT, after the benchmark contract posted a 6.5 percent decline last month on concerns about the euro zone economy after the Cyprus bailout.
* China’s factory production lines ran at their fastest in 11 months in March, according to a reading of 50.9 on the official manufacturing purchasing managers index (PMI) published on Monday, signalling economic recovery may be accelerating.
But the climb missed market expectations of a rise to 52.0, as forecast in a Reuters poll of economists, but was nevertheless a pick-up from February’s five-month low of 50.1.
* Big Japanese manufacturers’ sentiment improved for the first time in three quarters in January-March, a closely watched BOJ survey showed, suggesting a weaker yen and higher share prices are supporting business confidence.
* The central bank will start a two-day policy meeting on April 3, its first under new Governor Haruhiko Kuroda, an advocate of aggressive monetary policy.
Prime Minister Shinzo Abe has embarked on expansionary fiscal and monetary policies to revive the world’s third-largest economy.
TOCOM Rubber Futures Prices on April 1, 2013 (yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Apr 2013 |
260.8 |
260.4 |
260.4 |
254.5 |
254.9 |
-5.9 |
33 |
|
May 2013 |
263.3 |
263.0 |
265.6 |
258.2 |
258.3 |
-5.0 |
83 |
|
Jun 2013 |
266.2 |
266.1 |
268.8 |
261.3 |
261.5 |
-4.7 |
66 |
|
Jul 2013 |
269.3 |
269.6 |
272.3 |
263.4 |
264.6 |
-4.7 |
341 |
|
Aug 2013 |
270.9 |
272.0 |
274.9 |
266.2 |
267.4 |
-3.5 |
1,452 |
|
Sep 2013 |
274.0 |
274.5 |
277.0 |
268.5 |
269.8 |
-4.2 |
4,326 |
|
Total |
|
6,301 |
|||||
MARKET NEWS
* The yen traded a little weaker on Monday against the dollar,while the Nikkei share average slipped in early trade.
* U.S. crude futures steadied after a softer dollar pushed them to six-week highs on Monday.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
– 0100 China Official manufacturing PMI
– 0145 China HSBC final manufacturing PMI
– 1400 U.S. Construction spending
– 1400 U.S. ISM manufacturing index (Reporting by Osamu Tsukimori; Editing by Joseph Radford)
Source: Reuters
