TOKYO, May 14 (Reuters) – Key Tokyo rubber futures fell on Tuesday on profit taking after five sessions of gains, while a halt in the yen’s decline against the dollar also weighed on prices that had risen to a two-month high.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery was trading 1.5 percent lower at 289.4 yen per kg as of 0015 GMT.
* The October contract rose a combined 16 percent in the previous five sessions, climbing as high as 299 yen, the strongest for any TOCOM benchmark since March 12.
* China’s factory output growth was surprisingly feeble in April and fixed-asset investment slowed, official data showed on Monday, rekindling concerns that a nascent recovery is stalling and adding to pressure on policymakers to take action to stimulate the economy.
* China’s implied oil demand rose 3.2 percent in April from a year earlier, but consumption was the lowest in eight months as refineries scaled back production for maintenance and continued to export surplus refined fuel to trim inventories.
TOCOM Rubber Futures Prices on Tuesday, May 14, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
May 2013 |
284.0 |
278.5 |
280.6 |
277.3 |
280.6 |
-3.4 |
39 |
|
Jun 2013 |
284.1 |
283.8 |
283.8 |
279.9 |
280.8 |
-3.3 |
25 |
|
Jul 2013 |
286.5 |
284.7 |
284.7 |
281.5 |
283.0 |
-3.5 |
46 |
|
Aug 2013 |
290.4 |
286.6 |
286.6 |
282.9 |
286.0 |
-4.4 |
295 |
|
Sep 2013 |
292.4 |
290.7 |
290.8 |
286.4 |
290.0 |
-2.4 |
406 |
|
Oct 2013 |
294.0 |
292.1 |
292.5 |
288.0 |
291.7 |
-2.3 |
3,390 |
|
Total |
|
4,201 |
|||||
MARKET NEWS
* Japan’s Nikkei share average extended gains into a third day on Tuesday as the weak-yen trend continued to lift exporters, but buying was limited as investors turned cautious over the rapid pace of the latest rally.
* The dollar traded at around 101.40 yen, off a peak of 102.14 on Reuters trading platform marked on Monday, its highest since October 2008, as investors saw the outcome of the G7 meeting as a signal to sell the Japanese currency.
* Crude oil prices settled lower on Monday after a choppy day of trading, hit by slowing oil demand in China and data showing the biggest drop for U.S. retail gasoline sales in more than four years.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT) 0900 Euro zone Industrial production 0900 Germany ZEW economic sentiment 1130 U.S.
NFIB business optimism 1145 U.S.
ICSC weekly chain store sales 1230 U.S.
Import/export prices 2030 U.S.
API weekly crude stocks (Reporting by Risa Maeda; Editing by Ed Davies)
Source: Reuters
