TOKYO, April 3 (Reuters) – A weaker yen helped push up key TOCOM rubber futures on Wednesday, snapping a four-day losing streak when they touched four-month lows.
But gains were limited by rising inventory amid concerns over demand.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for September delivery was changing hands 0.7 percent higher at 262.8 yen per kg as of 0027 GMT.
* The benchmark contract on Tuesday fell as far as 259.3 yen, the lowest since Dec. 5. It had lost 7.6 percent in the last four sessions.
* New light-vehicle sales in the United States rose 3.4 percent in March and the annual sales pace reached 15.27 million, automakers reported on Tuesday, falling in line with analyst expectations.
* European car sales shrank again in March, threatening more losses for automakers in the region after a dismal 2012, figures and forecasts suggested on Tuesday.
* Crude rubber inventories at Japanese ports rose 2,249 tonnes in the 10 days to March 20 to reach a 10-month high of 14,802 tonnes, data from the Rubber Trade Association of Japan showed.
* Japan’s central bank starts a two-day policy meeting on Wednesday, its first under new Governor Haruhiko Kuroda, an advocate of aggressive monetary policy.
TOCOM Rubber Futures Prices on April 3, 2013 (yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Apr 2013 |
246.0 |
246.9 |
248.0 |
246.0 |
246.0 |
+0.0 |
9 |
|
May 2013 |
249.3 |
252.0 |
252.0 |
249.1 |
249.8 |
+0.5 |
19 |
|
Jun 2013 |
252.2 |
252.4 |
255.3 |
252.4 |
254.4 |
+2.2 |
34 |
|
Jul 2013 |
255.5 |
255.9 |
259.1 |
255.9 |
257.9 |
+2.4 |
56 |
|
Aug 2013 |
258.6 |
259.9 |
262.5 |
259.0 |
260.9 |
+2.3 |
1,067 |
|
Sep 2013 |
261.1 |
262.0 |
265.0 |
261.1 |
263.1 |
+2.0 |
3,584 |
|
Total |
|
4,769 |
|||||
MARKET NEWS
* The yen retreated from a one-month high against the dollar early in Asia on Wednesday.
* Japan’s Nikkei share average rose on Wednesday, as gains in Wall Street helped the market recover from losses of more than 3 percent in the past two days.
* Brent crude oil settled lower and U.S. crude settled slightly higher on Tuesday as traders weighed concerns about demand and the possibility of a prolonged pipeline outage in the U.S. Midwest.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
0900 Euro zone Flash inflation
1215 U.S. ADP employment report
1400 U.S. ISM non-manufacturing index
(Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
