TOKYO, July 29 (Reuters) – Benchmark TOCOM rubber futures dropped for a third day in a row on Monday, as fears over slowing demand in top buyer China continued to hit investor sentiment.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was trading down 2.2 percent at 246.0 yen per kg at 0044 GMT, after settling 2.1 percent lower on Friday.
* The Chinese government’s commitment to rebuilding the economy with its latest policy actions suggest a shift in focus on the economy, with a mix of reforms that burnish Beijing’s credentials for change with measures to prop up sagging growth.
* Japan’s June retail sales rose 1.6 percent year-on-year, data showed on Monday, suggesting hopes for economic recovery are underpinning consumer spending.
TOCOM Rubber Futures Price on Monday, July 29, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
|
Aug 2013 |
246.2 |
244.0 |
244.0 |
238.0 |
238.5 |
-7.7 |
42 |
|
Sep 2013 |
246.7 |
247.0 |
247.0 |
237.8 |
238.0 |
-8.0 |
58 |
|
Oct 2013 |
247.6 |
245.5 |
246.3 |
238.0 |
238.6 |
-9.0 |
110 |
|
Nov 2013 |
249.0 |
248.7 |
248.7 |
239.0 |
239.8 |
-9.2 |
298 |
|
Dec 2013 |
250.3 |
249.8 |
249.8 |
239.1 |
240.4 |
-9.6 |
4,231 |
|
Jan 2014 |
251.5 |
250.9 |
251.0 |
240.2 |
241.8 |
-9.7 |
7,254 |
|
Total |
|
11,993 |
|||||
MARKET NEWS
* The yen was quoted around 98.15 to the dollar in early Asian trade on Monday, slightly weaker than a one-month high hit early in the day, with the greenback on the defensive ahead of a slew of economic data due out over the week.
* Japan’s benchmark Nikkei stock average fell 1.7 percent during Tokyo morning trading as the stronger yen weighed on exporters.
* The 19-commodity Thomson Reuters-Jefferies CRB index fell 2.2 percent last week, pressured by soybeans, which was hit by projections of a giant harvest, and crude oil, which fell on fears of shrinking demand in China.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
0800 Italy Business confidence
1230 U.S. Chicago Fed Midwest manufacturing
1400 U.S. Pending home sales
1430 U.S. Dallas Fed manufacturing index (Reporting by James Topham; Editing by Edwina Gibbs)
Source: Reuters
