TOKYO, May 24 (Reuters) – Tokyo rubber futures edged up only slightly on Friday following a big plunge the previous day and were poised to fall more than 3 percent on the week, as weak manufacturing data from China and the United States spurred worries about demand.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract, for October delivery , was trading 0.6 percent higher at 276.5 yen per kg as of 0037 GMT.
* On Thursday, the October contract fell as low as 274.3 yen, down over 5 percent, to mark its lowest level since May 8.
* Data on Thursday data showed Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October, suggesting it may take a while before the global economy starts to pick up steam.
* Thailand, the world’s biggest rubber producer and exporter, said on Thursday that it would not extend restrictions on exporting the commodity when the sole such attempt among its peers expires on May 31.
* An agreement by the top three rubber producers – Thailand, Indonesia and Malaysia – to curb exports by a total of 300,000 tonnes from October had ended in March.
TOCOM Rubber Futures Prices on Friday, May 24, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
May 2013 |
264.1 |
263.6 |
267.0 |
260.5 |
267.0 |
+2.9 |
29 |
|
Jun 2013 |
266.5 |
266.0 |
267.5 |
262.5 |
267.5 |
+1.0 |
37 |
|
Jul 2013 |
268.1 |
267.0 |
270.7 |
263.5 |
269.0 |
+0.9 |
58 |
|
Aug 2013 |
271.2 |
269.7 |
273.1 |
266.0 |
272.1 |
+0.9 |
117 |
|
Sep 2013 |
272.9 |
272.4 |
275.7 |
268.4 |
275.0 |
+2.1 |
374 |
|
Oct 2013 |
275.0 |
275.3 |
277.7 |
270.2 |
276.8 |
+1.8 |
4,813 |
|
Total |
|
5,428 |
|||||
MARKET NEWS
* Japan’s Nikkei average rose more than 2 percent on Friday after a 7.3-percent dive in the previous session, its biggest one-day percentage drop in two years after the weak Chinese factory data spooked investors.
* The dollar gained some ground to trade around 102.20 yen on Friday after hitting a two-week low of 100.82 yen the previous day.
* Brent crude oil prices retraced earlier losses after falling to a three-week low on Thursday in a broader commodities selloff, riding the coattails of a late turnaround in U.S. equities to end flat.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
0600 Germany Detailed Q1 GDP
0600 Germany GfK consumer confidence
0645 France Business climate
0800 Germany Ifo business climate
0800 Italy Consumer confidence
1230 U.S. Durable goods orders
(Reporting by Risa Maeda; Editing by Chris Gallagher)
Source: Reuters
