TOKYO, Aug 6 (Reuters) – Benchmark TOCOM rubber futures fell for a second straight day as the stronger yen continued to pressure the soft commodity contract, with trading volumes thin during the summer lull.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was trading down 0.4 percent at 244.8 yen per kg at 0024 GMT, after settling 0.9 percent lower on Monday.
* The yen was quoted around 98.05 yen to the dollar in early Asian trade on Tuesday, adding to overnight gains as investors unwind bearish yen bets in thin trade.
* Business activity across emerging economies shrank for the first time in over four years in July, driven mainly by a drop in manufacturing while services activity stagnated, an HSBC survey showed on Tuesday.
TOCOM Rubber Futures Price on Tuesday, August 06, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
245.5 |
242.5 |
243.6 |
242.5 |
243.0 |
-2.5 |
6 |
|
Sep 2013 |
244.0 |
245.5 |
245.5 |
242.5 |
243.0 |
-1.0 |
7 |
|
Oct 2013 |
244.0 |
245.0 |
245.0 |
242.5 |
242.5 |
-1.5 |
30 |
|
Nov 2013 |
244.2 |
245.2 |
245.3 |
242.6 |
242.6 |
-1.6 |
53 |
|
Dec 2013 |
245.2 |
245.2 |
246.2 |
242.8 |
243.2 |
-2.0 |
1,005 |
|
Jan 2014 |
245.8 |
245.6 |
247.3 |
243.4 |
244.0 |
-1.8 |
2,757 |
|
Total |
|
3,858 |
|||||
MARKET NEWS
* Japan’s benchmark Nikkei stock average dropped 1.1 percent amid weaker sentiment for Japanese exporters as the stronger yen hurts their earnings when overseas profits are repatriated.
* The 19-commodity Thomson Reuters-Jefferies CRB index edged down 0.2 percent on Monday as commodities broadly fell.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
0800 Italy Industrial output
0900 Italy Q2 GDP
1000 Germany Industrial orders
1145 U.S. ICSC weekly chain store sales
1230 U.S. International trade
1400 U.S. U.S. IBD/TIPP consumer sentiment
2030 U.S. API weekly crude stocks
(Reporting by James Topham; Editing by Stephen Coates)
Source: Reuters
