TOKYO, May 13 (Reuters) – Key Tokyo rubber futures hit a two-month high on Monday as the yen weakened to a 4-1/2 year low against the dollar and as gains in equity prices buoyed sentiment
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery was changing hands 0.7 percent higher at 295.5 yen per kg as of 0023 GMT
* The October contract earlier gained to 299 yen, the highest for any TOCOM benchmark since March 12
* China, the world’s biggest rubber consumer, is set to release industrial output data and other economic figures later in the day
* Economists caution against reading too much into an anticipated rise in Chinese industrial production in April. They say the gain would mainly reflect two more working days in April this year than in 2012
* Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan’s drive to galvanise its economy
TOCOM Rubber Futures Prices on Monday, May 13, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
May 2013 |
280.3 |
281.7 |
287.1 |
281.7 |
285.3 |
+5.0 |
215 |
|
Jun 2013 |
283.9 |
288.1 |
289.0 |
286.4 |
287.0 |
+3.1 |
28 |
|
Jul 2013 |
287.6 |
290.4 |
292.4 |
287.7 |
289.2 |
+1.6 |
99 |
|
Aug 2013 |
290.0 |
292.6 |
295.0 |
289.6 |
291.7 |
+1.7 |
146 |
|
Sep 2013 |
291.9 |
293.8 |
297.7 |
291.9 |
293.3 |
+1.4 |
302 |
|
Oct 2013 |
293.6 |
295.9 |
299.0 |
293.4 |
295.0 |
+1.4 |
2,788 |
|
Total |
|
3,578 |
|||||
MARKET NEWS
* Japan’s Nikkei share average surged to a fresh 5-1/2 year high on Monday as the weakening yen further bolstered exporters, with the mood already underpinned by U.S. stocks scoring yet another record high last week
* The dollar on Monday hit a 4-1/2-year peak against the yen on the back of growing confidence in the U.S. economy
* U.S. crude futures slipped in early Asian trade on Monday on worries of a slowdown in demand growth as a slew of data from the world’s top consumer the United States may point to slower growth early in the second quarter
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
0530 China Industrial output
0530 China Retail sales
0530 China Urban investment
1230 U.S Retail sales
1400 U.S Business inventories
(Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
