TOKYO, Aug 13 (Reuters) – Benchmark TOCOM rubber futures shed some of the previous day’s gains on Tuesday after data showed domestic machinery orders fell and some Bank of Japan members said they saw risks to the outlook for an increase in capital spending for companies.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was down 0.3 percent at 264.5 yen per kg at 0041 GMT, after settling 1.5 percent higher on Monday.
* Japan’s core machinery orders dropped 2.7 percent in June from the previous month, government statistics showed, a signal that Tokyo’s reflationary policies have yet to encourage firms to lift capital spending.
* Most Bank of Japan board members agreed that the nation’s economy was starting to recover, minutes of the bank’s policy-setting meeting in July showed, but there were some voices of caution over uncertainty in overseas growth and the outlook for domestic capital spending.
* India’s natural rubber imports jumped by more than a third in July year-on-year to 29,311 tonnes as domestic output fell due to heavy rainfall, the state-run Rubber Board said late on Monday.
TOCOM Rubber Futures Price on Tuesday, August 13, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
260.0 |
258.5 |
260.4 |
258.5 |
260.4 |
+0.4 |
7 |
|
Sep 2013 |
262.6 |
259.1 |
264.0 |
259.1 |
264.0 |
+1.4 |
15 |
|
Oct 2013 |
262.2 |
260.8 |
263.7 |
258.9 |
263.7 |
+1.5 |
68 |
|
Nov 2013 |
262.2 |
261.5 |
263.7 |
258.5 |
263.7 |
+1.5 |
168 |
|
Dec 2013 |
263.6 |
264.1 |
265.2 |
259.6 |
265.2 |
+1.6 |
600 |
|
Jan 2014 |
265.2 |
266.0 |
266.4 |
260.8 |
265.6 |
+0.4 |
3,279 |
|
Total |
|
4,137 |
|||||
MARKET NEWS
* The yen was quoted around 97.41 yen to the dollar in early Asian trade, after the greenback rose overnight on rising expectations that strong U.S. data will prompt the Federal Reserve to act sooner rather than later to trim its monthly purchase of about $85 billion in bonds.
* Japan’s benchmark Nikkei stock average gained nearly two percent in early Tokyo trade, as the yen’s retreat supported exporters and following a report that the government is considering lowering the corporate tax rate.
* The 19-commodity Thomson Reuters-Jefferies CRB index rose nearly one percent on Monday as gold prices hit three-week highs and a jump in silver and sugar prices added to broad gains in commodities.
DATA EVENTS
* The following data is expected on Tuesday: (Time in GMT)
– 0830 UK INFLATION FOR JULY
– 0830 UK PRODUCER PRICES FOR JULY PPI
– 0900 EURO ZONE INDUSTRIAL PRODUCTION FOR JUNE
– 1230 U.S. RETAIL SALES FOR JULY
– 1255 RE-BOOK WEEKLY U.S. RETAIL SALES
(Reporting by James Topham; Editing by Michael Perry)
Source; reuters
