TOKYO, May 15 (Reuters) – Key Tokyo rubber futures fell on Wednesday, extending the previous day’s two percent fall as a pause in the yen’s decline against the dollar weighed on prices, which touched a two-month high earlier in the week.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery was trading 0.5 percent lower at 286.1 yen per kg as of 0140 GMT.
* On Monday, the October contract rose as high as 299 yen, the strongest for any TOCOM benchmark since March 12.
* Tyre grade prices rebounded from multi-year lows in the physical market after TOCOM rallied on expectations of a recovery in the U.S. economy, but fears spread of defaults by top consumer China, dealers said on Tuesday.
* In China, data for monthly direct foreign investment is due on Thursday and monthly home price data on Saturday.
TOCOM Rubber Futures Prices on Wednesday, May 15, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
May 2013 |
276.6 |
273.4 |
277.3 |
273.4 |
275.0 |
-1.6 |
34 |
|
Jun 2013 |
278.3 |
275.2 |
278.4 |
274.2 |
276.4 |
-1.9 |
29 |
|
Jul 2013 |
280.2 |
279.0 |
280.8 |
275.4 |
278.8 |
-1.4 |
67 |
|
Aug 2013 |
283.1 |
281.0 |
282.9 |
278.1 |
281.5 |
-1.6 |
112 |
|
Sep 2013 |
286.0 |
285.0 |
286.0 |
281.5 |
284.4 |
-1.6 |
346 |
|
Oct 2013 |
287.6 |
286.7 |
287.8 |
283.0 |
285.7 |
-1.9 |
4,071 |
|
Total |
|
4,659 |
|||||
MARKET NEWS
* Japan’s Nikkei share average broke above 15,000 and hit fresh 5-1/2 year highs on Wednesday, bolstered by a strong performance from Wall Street and continued weakness in the yen.
* The dollar edged lower in early Asian trade on Wednesday but stayed close to its highest point against the yen in four-and-a-half years on signs of an improving U.S. economy and rising Treasury yields.
* U.S. crude futures held steady above $94 a barrel in early Asian trade on Wednesday, snapping the longest losing streak since early-December on rising supplies amid slowing demand growth.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
0500 Japan Consumer confidence index
0530 France Q1 GDP
0600 Germany Q1 GDP
0800 Italy Q1 GDP
0900 Euro zone Q1 GDP
1230 U.S. Producer prices
1230 U.S. New York Fed Empire survey
1315 U.S. Industrial output
1400 U.S. NAHB housing market index
1430 U.S. EIA weekly crude stocks
(Reporting by Risa Maeda; Editing by Richard Pullin)
Source: Reuters
