TOKYO, July 23 (Reuters) – Benchmark Tokyo rubber futures extended gains from the previous day early on Wednesday, but trading was muted as investors waited for Chinese manufacturing data for clues on the outlook for demand in the world’s No.2 economy.
FUNDAMENTALS
* The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery was trading up 0.8 percent at 258.3 yen per kg at 0054 GMT, after closing at a near seven-week high of 256.3 yen.
* Japan’s June exports rose a less-than-expected 7.4 percent year-on-year, as a weak yen and a moderate pickup in overseas demand lifted exports, but a slowdown in China’s economy weighed.
* The HSBC China flash PMI is due at 0145 GMT, with investors looking to gauge the health of Asia’s powerhouse economy and for signs of how much growth is slowing.
TOCOM Rubber Futures Price on Wednesday, July 24, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jul 2013 |
250.1 |
252.0 |
253.0 |
249.5 |
251.5 |
+1.4 |
9 |
|
Aug 2013 |
253.0 |
251.5 |
255.5 |
251.5 |
252.5 |
-0.5 |
27 |
|
Sep 2013 |
253.1 |
253.5 |
255.7 |
252.8 |
252.8 |
-0.3 |
51 |
|
Oct 2013 |
253.4 |
253.4 |
256.1 |
253.0 |
253.3 |
-0.1 |
111 |
|
Nov 2013 |
255.0 |
253.9 |
258.0 |
253.6 |
254.4 |
-0.6 |
279 |
|
Dec 2013 |
256.3 |
255.5 |
259.3 |
254.5 |
255.5 |
-0.8 |
2,709 |
|
Total |
|
3,186 |
|||||
MARKET NEWS
* The yen was quoted around 99.52 to the dollar in early Asian trade on Wednesday, above a one-week low of 99.15 yen hit the day before, with investors continuing to scale back bullish bets on the greenback.
* The Nikkei stock average fell 0.8 percent, following a two-day rally, with exporters hit as the dollar traded below 100 yen.
* The 19-commodity Thomson Reuters-Jefferies CRB index dipped slightly on Tuesday, hurt as corn futures fell to a more than 2-1/2 year low, but with a rise in U.S. crude oil tempering declines.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
0145 China HSBC manufacturing flash PMI
0658 France Markit manufacturing flash PMI
0728 Germany Markit manufacturing flash PMI
0758 Euro zone Markit manufacturing flash PMI
0758 Euro zone Markit services flash PMI
1258 U.S. Markit manufacturing flash PMI
1400 U.S. New home sales
1430 U.S. EIA weekly crude stocks
(Reporting by James Topham; Editing by Joseph Radford)
Source: Reuters
