TOKYO, Aug 7 (Reuters) – Key TOCOM rubber futures slipped 0.7 percent on Wednesday as the yen’s rise to a six-week high against the dollar and worries over the global economic outlook weighed on prices.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was changing hands 1.7 yen lower at 248.2 yen as of 0023 GMT.
* The yen was quoted at 97.40 to the dollar in early Asia trade, after touching 97.21 earlier, the highest since late June. That makes Japanese currency-denominated assets more expensive when purchased in other currencies.
* Physical rubber prices have hit the bottom and were expected to rebound this week, but the increase in prices will be limited by weak demand amid a poor global economic outlook, traders and industry officials said on Tuesday.
TOCOM Rubber Futures Price on Wednesday, August 07, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
247.3 |
248.0 |
249.0 |
244.6 |
244.6 |
-2.7 |
27 |
|
Sep 2013 |
247.7 |
247.9 |
250.0 |
246.3 |
247.7 |
+0.0 |
23 |
|
Oct 2013 |
248.2 |
249.1 |
250.3 |
245.6 |
246.2 |
-2.0 |
43 |
|
Nov 2013 |
248.0 |
248.9 |
250.0 |
245.4 |
247.2 |
-0.8 |
113 |
|
Dec 2013 |
248.9 |
249.0 |
251.5 |
245.0 |
247.4 |
-1.5 |
714 |
|
Jan 2014 |
249.9 |
249.2 |
252.5 |
245.9 |
248.1 |
-1.8 |
3,047 |
|
Total |
|
3,967 |
|||||
MARKET NEWS
* U.S. stocks slid for a second consecutive day on Tuesday after comments from a pair of U.S. Federal Reserve officials left investors uncertain about the timing of a possible reduction in its bond-buying programme.
* Oil fell around $1 a barrel on Tuesday as Iran’s new president signalled willingness to negotiate with the West over Tehran’s disputed nuclear programme and as U.S. gasoline prices slid after a sell-off in ethanol credits.
* Japan’s benchmark Nikkei average fell 2.43 percent to 14,051.35 on Wednesday, while the broader Topix shed 2.02 percent to 1,169.54.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
– 0645 France Trade data
– 1000 Germany Industrial output
– 1430 U.S.
EIA weekly crude stocks
– 1900 U.S.
Consumer credit (Reporting by Osamu Tsukimori; Editing by Joseph Radford)
Source: Reuters
