TOKYO, July 2 (Reuters) – Benchmark Tokyo rubber futures traded near a three-week high on Tuesday, in line with stronger Japanese equities and after encouraging manufacturing data in Europe and the United States helped ease concerns about a slowing Chinese economy.
FUNDAMENTALS
* The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery traded up 2.4 percent at 245.2 yen per kg as of 0049 GMT.
* The contract earlier rose as high as 246.8 yen, the strongest intraday level since June 12 and nearly 9 percent above a level before the past four-day rally started on June 27.
* Worries about slowing economic growth in top rubber consumer China could keep Tokyo futures capped this week, dealers said on Monday.
* U.S. manufacturing staged a modest rebound in June even as hiring declined sharply but activity among China’s large goods producers slowed to multi-month lows as global demand weakened, according to data released on Monday.
TOCOM Rubber Futures Prices on Tuesday, July 02, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jul 2013 |
232.6 |
234.3 |
241.2 |
234.3 |
238.3 |
+5.7 |
44 |
|
Aug 2013 |
234.9 |
235.9 |
242.4 |
235.9 |
239.9 |
+5.0 |
149 |
|
Sep 2013 |
235.8 |
236.5 |
243.3 |
236.5 |
240.3 |
+4.5 |
61 |
|
Oct 2013 |
237.1 |
237.4 |
244.6 |
237.4 |
241.9 |
+4.8 |
341 |
|
Nov 2013 |
238.7 |
238.6 |
246.0 |
238.5 |
243.0 |
+4.3 |
1,797 |
|
Dec 2013 |
239.5 |
239.7 |
246.8 |
239.3 |
243.8 |
+4.3 |
5,057 |
|
Total |
|
7,449 |
|||||
MARKET NEWS
* The U.S. dollar and yen were both on the back foot on Tuesday as a swathe of global industry data suggested an improvement in growth without being strong enough to risk any reduction in monetary stimulus from the Federal Reserve.
* The dollar stood at around 99.60 yen in early Asian trade on Tuesday, off a Monday peak of 99.86, its highest since June 5.
* The Nikkei stock average broke above 14,000 on Tuesday morning, a level not seen since late May, as U.S. manufacturing and construction data added to signs of an improving economy.
* Oil futures rose on Monday, the first day of the third quarter, with gains in U.S. crude outpacing the rest of the oil complex and pushing the U.S. contract’s discount to Brent to a 2-1/2 year low amid a broad commodities rally.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0430 Australia RBA cash rate
0900 Euro zone Producer prices
1145 U.S. ICSC weekly chain store sales
1345 U.S. ISM-New York index
1400 U.S. Factory orders
1400 U.S. IBD/TIPP consumer confidence
2030 U.S. API weekly crude stocks
(Reporting by Risa Maeda; Editing by Ed Davies)
Source: Reuters
