TOKYO, June 5 (Reuters) – Benchmark Tokyo rubber futures fell on Wednesday as a halt in the yen’s fall prompted profit-taking from the previous day’s rebound in rubber, but trade was slow ahead of a key U.S. jobs report later in the week.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 0.3 percent lower at 260.5 yen as of 0044 GMT.
* On Tuesday, the contract climbed as high as 262 yen as a rise in the dollar above 100 yen helped a quick rebound from a one-month low of 251.1 yen marked the previous day.
* U.S. job growth probably picked up only slightly in May, suggesting the economy is still in a rut and not ready for the Federal Reserve to dial back its monetary support. Jobs data is due on Friday.
* Three of the world’s top rubber-producing countries, Thailand, Indonesia and Malaysia, will meet next week to discuss measures to stabilise prices, a senior Thai official said on Tuesday.
* Traders and other industry officials said they expected Thailand to propose new export curbs or measures to limit supply as a way of propping up prices and support farmers.
TOCOM Rubber Futures Prices on Wednesday, June 05, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jun 2013 |
250.4 |
251.0 |
251.9 |
250.0 |
250.8 |
+0.4 |
20 |
|
Jul 2013 |
253.0 |
253.0 |
254.0 |
251.5 |
254.0 |
+1.0 |
18 |
|
Aug 2013 |
254.4 |
255.0 |
256.2 |
253.5 |
255.3 |
+0.9 |
38 |
|
Sep 2013 |
257.0 |
256.6 |
257.0 |
254.9 |
256.2 |
-0.8 |
153 |
|
Oct 2013 |
259.0 |
259.7 |
260.0 |
256.8 |
259.6 |
+0.6 |
624 |
|
Nov 2013 |
261.4 |
261.6 |
262.3 |
258.5 |
261.0 |
-0.4 |
2,806 |
|
Total |
|
3,659 |
|||||
MARKET NEWS
* The U.S. dollar was up 0.3 percent at around 100.30 yen on Wednesday, somewhat slowing the pace of its recovery after hitting a one-month low below 98.90 yen on Monday.
* Japan’s Nikkei share average edged up at Wednesday’s open.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
0130 Australia Q1 GDP
0743 Italy Markit/ADACI Services PMI
0748 France Markit Services PMI
0753 Germany Markit Services PMI
0758 Euro zone Markit Services PMI
0900 Euro zone Revised Q1 GDP
0900 Euro zone Retail sales
1215 U.S. ADP employment report
1400 U.S. Factory orders
1400 U.S. ISM Non-manufacturing PMI
1430 U.S. EIA weekly crude stocks
1800 U.S. Federal Reserve Beige Book (Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
