TOKYO, July 8 (Reuters) – Benchmark Tokyo rubber futures rose on Monday as solid U.S. jobs growth data late last week lifted hopes of improvement in the world’s top economy and caused the dollar to rise against the yen.
FUNDAMENTALS
* The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading up 0.4 percent at 246.0 yen per kg as of 0025 GMT.
* U.S. jobs growth was better than expected last month and the gains for April and May were revised higher last Friday, increasing the chance that the U.S. central bank will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September.
* Japan’s current account surplus rose 58.1 percent in May from a year ago, finance ministry data showed on Monday, in a sign that recovering exports and hefty gains from overseas investments have helped the nation’s balance of payments.
TOCOM Rubber Futures Prices on Monday, July 08, 2013
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jul 2013 |
240.0 |
239.6 |
243.0 |
239.6 |
240.8 |
+0.8 |
21 |
|
Aug 2013 |
241.1 |
241.3 |
244.2 |
241.3 |
242.9 |
+1.8 |
24 |
|
Sep 2013 |
242.0 |
242.7 |
244.5 |
242.4 |
243.7 |
+1.7 |
97 |
|
Oct 2013 |
243.3 |
244.0 |
246.0 |
243.0 |
243.8 |
+0.5 |
106 |
|
Nov 2013 |
244.4 |
244.9 |
247.2 |
243.6 |
244.4 |
+0.0 |
812 |
|
Dec 2013 |
245.1 |
245.6 |
247.8 |
244.4 |
244.9 |
-0.2 |
2,853 |
|
Total |
|
3,913 |
|||||
MARKET NEWS
* The yen was around a six-month low of 101.47 against the dollar early on Monday, as market views grew that the U.S. central bank will scale back quantitative easing following last week’s jobs growth data, which boosted the greenback.
* The Nikkei stock average rose 1.3 percent higher in early trade on Monday as a weaker yen and upbeat U.S. jobs data that sent the dollar soaring and suggested a pick-up in Japan’s number two trade partner.
* The 19-commodity Thomson Reuters-Jefferies CRB index rose 1.8 percent last week as the conflict in Egypt lifted crude oil prices and the values of grains like corn and soybeans were supported by tight stocks.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
DATA/EVENTS (GMT)
0600 Germany Trade data
0830 Euro zone Sentix index
1000 Germany Industrial output
1300 ECB Chief Mario Draghi attends EU parliament hearing
1900 U.S. Consumer credi0t
(Reporting by James Topham; Editing by Eric Meijer)
Reuters
