TOKYO, Aug 12 (Reuters) – Benchmark TOCOM rubber futures extended gains on Monday as the yen weakened on disappointing Japanese economic growth, making the futures contract cheaper for holders of other currencies.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was up 1.2 percent at 264.5 yen per kg at 0025 GMT, after settling 2 percent higher on Friday.
* Japan’s economy grew an annualized 2.6 percent in April-June, more slowly than expected and possibly heightening calls to delay a planned sales tax hike.
* The yen was quoted around 96.18 yen to the dollar in early Asian trade on Monday, weakening on the softer GDP data.
* Crude rubber inventories at Japanese ports fell to 8,470 tonnes as of July 31, the lowest level in nearly seven months, data from the Rubber Trade Association of Japan showed late on Friday.
TOCOM Rubber Futures Price on Monday, August 12, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
256.5 |
259.4 |
262.0 |
259.4 |
262.0 |
+5.5 |
11 |
|
Sep 2013 |
258.4 |
259.8 |
263.5 |
257.0 |
261.9 |
+3.5 |
28 |
|
Oct 2013 |
258.4 |
259.5 |
263.2 |
256.9 |
261.8 |
+3.4 |
54 |
|
Nov 2013 |
258.3 |
259.2 |
263.2 |
256.8 |
261.6 |
+3.3 |
141 |
|
Dec 2013 |
259.7 |
260.3 |
264.7 |
258.0 |
263.5 |
+3.8 |
551 |
|
Jan 2014 |
261.3 |
262.1 |
266.3 |
259.1 |
264.9 |
+3.6 |
3,308 |
|
Total |
|
4,093 |
|||||
MARKET NEWS
* Japan’s benchmark Nikkei stock average slipped 0.9 percent in early Tokyo trade, after Wall Street eased on worries about the tapering of U.S. economic stimulus and the Japanese GDP data.
* The 19-commodity Thomson Reuters-Jefferies CRB index rose 0.7 percent on Friday as oil gained on worries about tight supplies and as copper jumped to a two-month high on upbeat China factory data.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
DATA/EVENTS (GMT)
– 0430 Japan revised June industrial output
– 0645 France current account for June
– 1800 U.S. July federal budget
– 2350 Japan June machinery orders
(Reporting by James Topham; Editing by Joseph Radford)
Source: Reuters
