TOKYO, July 5 (Reuters) – Benchmark Tokyo rubber futures firmed on Friday as traders await the release of U.S. employment data later in the day for evidence that a recovery of the world’s top economy is on track.
FUNDAMENTALS
* The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading up 0.2 percent at 247.3 yen per kg as of 0028 GMT, after closing 0.8 percent higher on Thursday.
* A Reuters poll forecasts U.S. non-farm payrolls grew by 165,000 in June, down from 175,000 in May, but still above the average of 155,800 over the past three months. A strong outcome from the report could give an indication on when the U.S. central bank will begin scaling back its bond-buying programme.
* Monsoon rains were 18 percent below average in India’s rubber growing state of Kerala in the week to July 3, weather data showed on Thursday.
TOCOM Rubber Futures Prices on Friday, July 05, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jul 2013 |
242.0 |
240.5 |
242.3 |
240.5 |
241.8 |
-0.2 |
14 |
|
Aug 2013 |
242.3 |
242.4 |
243.7 |
242.4 |
243.7 |
+1.4 |
2 |
|
Sep 2013 |
243.3 |
244.4 |
244.7 |
242.8 |
244.7 |
+1.4 |
30 |
|
Oct 2013 |
245.0 |
244.7 |
246.0 |
243.9 |
246.0 |
+1.0 |
9 |
|
Nov 2013 |
246.2 |
246.3 |
247.3 |
244.7 |
246.5 |
+0.3 |
305 |
|
Dec 2013 |
246.9 |
247.0 |
248.4 |
245.5 |
247.4 |
+0.5 |
1,853 |
|
Total |
|
2,213 |
|||||
MARKET NEWS
* The yen hovered at just over 100 to the U.S. dollar early on Friday, while the euro and sterling nursed losses against the greenback after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus.
* The Nikkei stock average was trading around 14,200 on Friday, the high end of the trading range expected by strategists who do not expect to see big moves for the day after the U.S. holiday on Thursday deprived markets of an early lead from Wall Street.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
DATA/EVENTS (GMT)
1000 Germany Industrial orders
1230 U.S. Non-farm payrolls
1230 U.S. Unemployment rate
(Reporting by James Topham; Editing by Richard Pullin)
Source: Reuters
