TOKYO, May 21 (Reuters) – Key Tokyo rubber futures rose on Tuesday, extending gains into a third session in a row and approaching last week’s two-month high on optimism about global demand, but gains were limited by a rebound in the yen.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery was trading 1.2 percent higher at 292.9 yen per kg as of 0116 GMT.
* The October contract is recovering after falling as low as 276.3 yen last Thursday amid concerns over a seasonal rise in rubber supply, and is not far off a two-month high of 299 yen touched earlier last week.
* While U.S. stocks edged lower, major indices elsewhere mostly rose on Monday. MSCI’s all-country world equity index rose 0.43 percent to its highest since June 2008.
TOCOM Rubber Futures Prices on Tuesday, May 21, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
May 2013 |
276.1 |
275.9 |
279.9 |
274.9 |
278.0 |
+1.9 |
22 |
|
Jun 2013 |
279.6 |
278.2 |
282.7 |
278.2 |
279.7 |
+0.1 |
13 |
|
Jul 2013 |
281.4 |
280.4 |
285.6 |
279.7 |
281.7 |
+0.3 |
52 |
|
Aug 2013 |
284.1 |
283.2 |
287.7 |
282.4 |
284.7 |
+0.6 |
66 |
|
Sep 2013 |
287.3 |
286.6 |
291.5 |
285.5 |
287.9 |
+0.6 |
258 |
|
Oct 2013 |
289.5 |
288.0 |
294.4 |
287.4 |
290.7 |
+1.2 |
3,483 |
|
Total |
|
3,894 |
|||||
MARKET NEWS
* Japan’s Nikkei share average eased from a 5-1/2-year high on Tuesday as Wall Street ended flat and the dollar slipped against the yen on caution before U.S. Federal Reserve Chairman Ben Bernanke’s testimony.
* The dollar traded at around 102.70 yen on Tuesday, retreating from a 4-1/2-year high marked late last week after Japan’s Economy Minister Akira Amari said on Monday the yen’s excessive strength had largely corrected and that further weakness could damage Japan’s economy.
* Crude oil prices rose on Monday against a weaker dollar, but ample oil supplies limited gains, even as equity markets hovered at record levels.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0600 Germany Producer prices
1145 U.S. ICSC weekly chain store sales
1255 U.S. Redbook weekly retail sales
2030 U.S. API weekly crude stocks
(Reporting by Risa Maeda; Editing by Richard Pullin)
Source: Reuters
