TOKYO, June 27 (Reuters) – Benchmark Tokyo rubber futures rose on Thursday on firmer Nikkei stock prices and gains for oil, but are still near nine-month lows as investors eye China’s equities and rubber markets after recent heavy losses on fears of a credit crunch.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading up 0.84 percent at 229.1 yen per kg as of 0042 GMT, after touching a high of 230.1 yen.
* The U.S. government slashed its estimate for first-quarter economic growth on Wednesday, offering a cautionary note on the recovery as the Federal Reserve ponders curtailing its massive monetary stimulus.
* An exit from the European Central Bank’s exceptional monetary policy measures remains distant, ECB President Mario Draghi reiterated on Wednesday, soothing markets after the U.S. Federal Reserve laid out a plan to reel in stimulus.
TOCOM Rubber Futures Prices on Thursday, June 27, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jul 2013 |
225.0 |
225.0 |
227.0 |
225.0 |
226.1 |
+1.1 |
30 |
|
Aug 2013 |
225.9 |
223.7 |
228.0 |
223.7 |
226.7 |
+0.8 |
37 |
|
Sep 2013 |
225.2 |
223.1 |
227.3 |
223.1 |
226.0 |
+0.8 |
57 |
|
Oct 2013 |
225.0 |
225.1 |
227.7 |
224.9 |
227.1 |
+2.1 |
109 |
|
Nov 2013 |
226.4 |
225.0 |
229.5 |
224.8 |
228.4 |
+2.0 |
2,049 |
|
Dec 2013 |
227.2 |
225.5 |
230.1 |
225.5 |
229.0 |
+1.8 |
3,228 |
|
Total |
|
5,510 |
|||||
MARKET NEWS
* Japan’s Nikkei share average climbed more than 1 percent early on Thursday, bouncing after a three-day losing streak, after U.S. stocks rose on reduced concern that the Federal Reserve will scale back its stimulus in the near future.
* Oil edged higher on Wednesday, shaking off earlier losses following a large build-up in U.S. gasoline inventories, buoyed by gains in the stock market and heavy spread trading.
* The euro nursed broad losses in early Asian trade on Thursday as investors turned on the common currency after European Central Bank officials made clear any policy tightening remained a very distant prospect. Against the yen, the common currency was at 127.30 EURJPY=R, having skidded 0.7 percent to a one-week low of 126.57.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
DATA/EVENTS (GMT)
0600 Germany Import prices
0645 France Consumer confidence
0755 Germany Unemployment rate
0800 Euro zone M3 money supply
0900 Euro zone Business climate
0900 Euro zone Economic sentiment
1230 U.S. Personal income
1230 U.S. Jobless claims
1230 U.S. Midwest manufacturing index
1400 U.S. Pending home sales
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
Source: Reuters
