TOKYO, Aug 16 (Reuters) – Benchmark TOCOM rubber futures fell for a second day on Friday as the yen strengthened and Japanese shares followed Wall Street lower on fears the U.S. Federal Reserve may soon begin to trim its massive economic stimulus.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was down 2.1 yen, or 0.79 percent, at 262.5 yen per kg at 0053 GMT. It settled 1.3 yen lower on Thursday.
* The dollar stood around 97.25 yen on Friday after wild swings overnight left dealers struggling to find a pattern, setting the scene for a defensive session into the weekend. The yen reached 98.64 to the greenback at one point, before abruptly jumping to around 97.00 overnight.
A stronger yen makes rubber more expensive for holders of other currencies.
* The number of Americans filing new claims for jobless benefits fell to a near six-year low last week and consumer prices rose broadly in July, which could draw the Fed closer to trimming its bond-buying programme.
* Factory activity in the U.S. mid-Atlantic region weakened in August as new orders fell and the pace of hiring slowed, a survey showed on Thursday.
* The Thai government has no plans to resume an intervention scheme to buy rubber directly from farmers to shore up weak domestic prices, the country’s agriculture minister said.
TOCOM Rubber Futures Price on Friday, August 16, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
257.8 |
257.2 |
257.9 |
254.5 |
256.0 |
-1.8 |
34 |
|
Sep 2013 |
260.3 |
261.8 |
261.8 |
257.9 |
259.8 |
-0.5 |
18 |
|
Oct 2013 |
260.7 |
261.1 |
261.2 |
258.5 |
260.4 |
-0.3 |
69 |
|
Nov 2013 |
261.1 |
261.1 |
262.0 |
259.1 |
259.9 |
-1.2 |
121 |
|
Dec 2013 |
262.9 |
262.0 |
264.2 |
260.0 |
262.9 |
+0.0 |
685 |
|
Jan 2014 |
264.6 |
264.1 |
266.0 |
261.6 |
264.4 |
-0.2 |
3,616 |
|
Total |
|
||||||
MARKET NEWS
* Japan’s benchmark Nikkei share average fell for a second day on Friday.
* U.S. crude futures slipped early on Friday, weighed down by profit-taking after six sessions of gains, but worries over supply disruptions related to escalating violence in Egypt and Libyan oil outages supported prices.
* After beginning lower, most commodities prices reversed course on Thursday when the dollar turned downward, with natural gas, corn, and gold rallying well over 2 percent, silver jumping more than 5 percent and oil hitting a four-month high.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
– 0800 EURO ZONE CURRENT ACCOUNT FOR JUNE
– 0800 EURO ZONE NET INVESTMENT FLOW IN JUNE
– 0900 EURO ZONE FINAL INFLATION FOR JULY
– 0900 EUROSTAT TRADE FOR JUNE
– 1230 U.S. HOUSING STARTS/BUILDING PERMITS FOR JULY
– 1355 THOMSON REUTERS/UNIV OF MICH PRELIMINARY AUGUST CONSUMER SENTIMENT
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
Source: Reuters
