TOKYO, Aug 14 (Reuters) – Benchmark TOCOM rubber futures climbed on Wednesday as a weaker yen made the contract cheaper for holders of other currencies, but trading was tepid with many investors away this week for Japan’s traditional Obon summer holiday.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was up 0.68 percent, or 1.8 yen, at 266.8 yen per kg at 0100 GMT. It edged down 0.2 yen on Tuesday.
* U.S. retail sales climbed in July, bolstering the case at the U.S. Federal Reserve for winding down the economic stimulus programme that has underpinned demand for commodities.
* China’s slowing economy has hammered businesses supplying the raw materials for growth, with coal and aluminium firms at risk of defaults and closures.
* A Chinese automotive association is collecting data on the price of all foreign cars sold in the country for a government agency that has fined companies for price-fixing in sectors ranging from milk powder to jewellery, officials at the industry body said.
TOCOM Rubber Futures Price on Wednesday, August 14, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
259.9 |
261.3 |
264.0 |
261.2 |
263.0 |
+3.1 |
38 |
|
Sep 2013 |
262.9 |
263.8 |
266.3 |
263.5 |
263.5 |
+0.6 |
37 |
|
Oct 2013 |
263.0 |
263.3 |
265.7 |
263.3 |
265.4 |
+2.4 |
136 |
|
Nov 2013 |
262.4 |
263.0 |
266.4 |
263.0 |
265.2 |
+2.8 |
209 |
|
Dec 2013 |
263.6 |
265.1 |
267.8 |
264.3 |
267.1 |
+3.5 |
667 |
|
Jan 2014 |
265.0 |
266.4 |
269.0 |
265.0 |
268.1 |
+3.1 |
4,053 |
|
Total |
|
5,140 |
|||||
MARKET NEWS
* The yen was quoted around 98.23 yen to the dollar in early Asian trade, moving away from a seven-week high of 95.810 touched last Thursday.
* Japan’s benchmark Nikkei share average rose on Wednesday on the weaker yen and the strong U.S. data, though the summer holiday lull may temper the upside.
* Copper hit nine-week highs on Tuesday on signs of tighter-than-expected stockpiles in China, and cotton rallied on supply concerns, but declines in other markets slowed the wider commodities complex after four days of gains.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
– 0130 Australia consumer sentiment for August
– 0530 France GDP preliminary reading for second quarter
– 0600 Germany GDP flash reading for second quarter
– 0645 France CPI final reading for July
– 0645 France non-farm payrolls for second quarter
– 0830 UK inflation for July
– 0900 Euro zone GDP flash estimate for second quarter
– 1100 U.S. weekly mortgage market index
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
Source: Reuters
