TOKYO, June 3 (Reuters) – Benchmark Tokyo rubber futures dropped more than 2 percent to a one-month low on Monday, hurt as a sharp fall in Japanese equity prices dimmed the outlook for demand.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 2.5-percent lower at 252.0 yen as of 0011 GMT.
* The contract earlier declined to 251.1 yen, the lowest since 250.8 yen on May 2.
* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.6 percent from last Friday.
* China’s official PMI rose to 50.8 in May from 50.6 in April, data showed on Saturday, beating market expectations and raising optimism that the world’s second-largest economy may be stabilising.
* The U.S. auto industry is expected to report sales growth of more than 6 percent in May, shaking off disappointing results in the previous month as consumers still headed to dealer lots to buy new cars and trucks. Sales data is due on Monday.
TOCOM Rubber Futures Prices on Monday, June 03, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jun 2013 |
248.0 |
244.8 |
246.5 |
240.1 |
246.5 |
-1.5 |
18 |
|
Jul 2013 |
249.9 |
249.3 |
249.3 |
243.0 |
248.9 |
-1.0 |
28 |
|
Aug 2013 |
252.6 |
250.9 |
253.6 |
246.0 |
253.6 |
+1.0 |
76 |
|
Sep 2013 |
254.5 |
252.7 |
256.0 |
248.0 |
256.0 |
+1.5 |
282 |
|
Oct 2013 |
256.2 |
254.9 |
258.1 |
249.5 |
258.1 |
+1.9 |
1,948 |
|
Nov 2013 |
258.4 |
256.6 |
259.6 |
251.1 |
259.1 |
+0.7 |
5,259 |
|
Total |
|
7,611 |
|||||
MARKET NEWS
* The U.S. dollar traded at around 100.50 yen on Monday, nearing a three-week low below 100.30 yen hit last week.
* Japan’s Nikkei share average fell to a five-week low on Monday as sharp declines in U.S. stocks dampened already fragile sentiment in Japanese equities that had fallen nearly 14 percent from a 5-1/2 year peak.
* U.S. crude fell to a one-month low on Monday, extending a drop in the previous session.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
0145 China HSBC Mfg PMI Final May CNPMIC=ECI
0500 India HSBC Markit Mfg PMI May INPMI=ECI
0743 Italy Markit/ADACI Mfg PMI May ITRPMI=ECI
0753 Germany Markit/BME Mfg PMI May DEPMIM=ECI
0758 EZ Markit Mfg PMI May EUPMI=ECI
1400 U.S. ISM Manufacturing PMI May USPMI=ECI
1400 U.S. Construction spending Apr USTCNS=ECI
N/A U.S. Total vehicle sales May USVEH=ECI
(Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
