TOKYO, July 30 (Reuters) – Benchmark TOCOM rubber futures rebounded on Tuesday after three straight sessions of falls, as the yen weakened against the U.S. dollar from a one-month high hit on Monday.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was trading up 1.0 percent at 244.3 yen per kg at 0047 GMT, after tumbling to the lowest in nearly two weeks on Monday on concerns about weak demand in China, the world’s top rubber buyer.
* After decades of emulating Japan’s export-driven economic miracle, China appears in danger of following it into the same kind of economic coma that Japan is trying to wake up from 20 years later.
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* U.S. economic growth probably slowed sharply in the second quarter, but its pace is unlikely to change views that the Federal Reserve will start trimming bond purchases later this year.
* Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high touched the prior month, suggesting rising mortgage rates were starting to dampen home sales.
* The U.S. power regulator outlined its case of market manipulation against JPMorgan Chase & Co on Monday as industry sources said a final settlement on the issue should come on Tuesday.
TOCOM Rubber Futures Price on Tuesday, July 30, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
238.5 |
238.2 |
243.2 |
237.4 |
241.3 |
+2.8 |
9 |
|
Sep 2013 |
238.7 |
239.1 |
243.5 |
239.1 |
242.3 |
+3.6 |
11 |
|
Oct 2013 |
238.6 |
241.9 |
243.9 |
240.7 |
241.5 |
+2.9 |
25 |
|
Nov 2013 |
239.8 |
241.0 |
244.7 |
241.0 |
243.0 |
+3.2 |
69 |
|
Dec 2013 |
240.7 |
241.0 |
245.3 |
241.0 |
243.9 |
+3.2 |
866 |
|
Jan 2014 |
241.8 |
242.1 |
246.4 |
242.0 |
245.0 |
+3.2 |
2,310 |
|
Total |
|
3,290 |
|||||
MARKET NEWS
* The yen was quoted around 98.15 to the dollar in early Asian trade on Tuesday, above a one-month high of 97.61 hit on Monday, as the U.S. dollar’s three-day rally in the yen lost a bit of steam.
* Japan’s benchmark Nikkei share average dropped for the fifth session on Tuesday as the yen’s decline falters, with many investors sitting on the sidelines as they wait for corporate earnings and key events later in the week such as a U.S. Federal Reserve meeting.
* Corn prices fell on Monday, approaching three-year lows on forecasts for ideal U.S. crop weather, while raw sugar had its biggest one-day surge in six weeks as funds covered short positions.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0600 Germany GfK consumer sentiment
0900 Euro zone Business climate
1145 U.S. ICSC weekly chain store sales
1200 Germany CPI
1300 U.S. S&P/Case-Shiller home price index
1400 U.S. Consumer confidence
N/A Federal Open Market Committee begins two-day policy meeting
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
Source: Reuters
