TOKYO, Aug 9 (Reuters) – Benchmark TOCOM rubber futures rose on Friday to a two-week high on a weaker yen, but further gains were limited ahead of Chinese data due out later in the day that could shed more light on the health of the world’s second-largest economy.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was trading up 1.95 percent at 261.2 yen per kg at 0050 GMT, the highest since July 25. It rose 4 percent on Thursday.
* Global investors will look to Chinese data on Friday for evidence that a strong bounce in July trade was not a fluke and that the world’s second-largest economy is stabilising after more than two years of slowing growth.
* Surprisingly firm rebounds in China’s exports and imports in July offered some hope that the country’s economy might be stabilising, although an imminent rebound still looks unlikely.
TOCOM Rubber Futures Price on Friday, August 09, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
253.5 |
256.5 |
260.3 |
256.5 |
260.0 |
+6.5 |
57 |
|
Sep 2013 |
252.6 |
255.0 |
262.0 |
255.0 |
261.7 |
+9.1 |
32 |
|
Oct 2013 |
254.1 |
255.3 |
262.1 |
254.5 |
261.2 |
+7.1 |
65 |
|
Nov 2013 |
253.3 |
254.2 |
261.8 |
254.2 |
261.4 |
+8.1 |
213 |
|
Dec 2013 |
255.6 |
255.1 |
262.8 |
254.8 |
262.5 |
+6.9 |
854 |
|
Jan 2014 |
256.2 |
256.0 |
264.0 |
255.7 |
263.3 |
+7.1 |
5,021 |
|
Total |
|
6,242 |
|||||
MARKET NEWS
* The Nikkei share average rebounded on Friday after suffering steep losses in the previous two sessions, helped along by the yen’s pull back from a seven-week high against the dollar and gains on Wall Street.
* The dollar fell to a seven-week low on Thursday, while bond yields declined as investors reversed trades that had been fueled by speculation of when the Federal Reserve will start to remove its stimulus.
* Copper and industrial metals rallied on Thursday as upbeat Chinese trade data sparked demand hopes, while gold prices also jumped on easing deflation worries, helping a broad commodities index rise for a second consecutive day.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
0130 China CPI Jul CNCPI=ECI
0130 China PPI Jul CNPPI=ECI
0500 Japan Consumer confid. index Jul JPCONI=ECI
0530 China Industrial output Jul CNIO=ECI
0530 China Retail sales Jul CNRSL=ECI
0530 China Urban investment Jul CNUFAI=ECI
0645 France Industrial output Jun FRIP=ECI
1930 U.S.
CFTC commitment of traders data Weekly
CFTCGUIDE (Reporting by Yuka Obayashi; Editing by Ed Davies)
Source: Reuters
