TOKYO, May 28 (Reuters) – Benchmark Tokyo rubber futures firmed on Tuesday, snapping a three-day losing streak, as a retreat in the yen and a rebound in Japanese shares eased worries over slowing demand in China and possible oversupply in coming months.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was newly listed on Tuesday. The contract was trading at 270.7 yen per kg as of 0035 GMT after opening at 267.7 yen.
* The TOCOM market fell to 264.1 yen on Monday, the lowest since May 7.
* On Monday, the nearby May contract expired at 255.8 yen on Monday with deliveries of 395 lots.
* China needs average annual economic growth of 7 percent to reach its goal of doubling per capita gross national product by 2020, Premier Li Keqiang said on Monday during a visit to Berlin.
* U.S. and British markets were closed on Monday due to public holidays.
TOCOM Rubber Futures Prices on Tuesday, May 28, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jun 2013 |
258.0 |
256.9 |
259.6 |
256.9 |
259.6 |
+1.6 |
5 |
|
Jul 2013 |
259.2 |
257.5 |
261.6 |
257.5 |
261.6 |
+2.4 |
14 |
|
Aug 2013 |
261.1 |
260.8 |
263.3 |
260.5 |
263.2 |
+2.1 |
64 |
|
Sep 2013 |
263.1 |
263.0 |
267.0 |
262.3 |
265.4 |
+2.3 |
210 |
|
Oct 2013 |
265.9 |
265.4 |
269.5 |
264.5 |
268.2 |
+2.3 |
2,469 |
|
Nov 2013 |
– |
267.7 |
270.9 |
267.7 |
269.9 |
– |
1,103 |
|
Total |
|
3,865 |
|||||
MARKET NEWS
* Japan’s benchmark Nikkei average reversed losses on Tuesday morning as earlier declines prompted investors to pick up battered stocks, including Toyota Motor Corp.
* The yen gave up a bit of ground early in Asia on Tuesday but clung to most of its recent gains with wary investors keeping an eye on the Nikkei as further declines in Tokyo stocks would likely underpin the Japanese currency.
* Brent oil crude futures edged lower on Monday, as last week’s weaker data lingered over a market thinned by public holidays in the United States and Britain.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0600 Germany Import prices
0645 France Consumer confidence
1230 U.S. Midwest manufacturing index
1300 U.S. Case-Shiller home price index
1400 U.S. Consumer confidence
1400 U.S. Richmond Fed composite index
1430 U.S. Dallas Fed manufacturing index
(Reporting by Risa Maeda; Editing by Prateek Chatterjee)
Source: Reuters
