TOKYO, Aug 21 (Reuters) – Benchmark TOCOM rubber futures captured some of the previous day’s losses on Thursday, but trading looks to be slow before the release of U.S. Central Bank meeting minutes which could shed more light on the central bank’s stimulus strategy.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was up 1.0 yen at 261.8 yen per kg at 0032 GMT, after settling 5.7 yen lower on Tuesday.
* The U.S. Federal Reserve publishes the minutes of its July 30-31 meeting later on Wednesday, and markets are looking for any wording that indicates the pace and timing of the central bank’s plans to trim its monthly bond buying of $85 billion.
* Bank of Japan Governor Haruhiko Kuroda said he won’t hesitate to provide further monetary stimulus if downside risks from a planned sales tax hike or overseas economies increase, according to an Japanese newspaper interview on Wednesday.
TOCOM Rubber Futures Price on Wednesday, August 21, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
251.5 |
251.8 |
253.0 |
250.0 |
250.8 |
-0.7 |
13 |
|
Sep 2013 |
253.6 |
252.2 |
254.9 |
252.2 |
253.7 |
+0.1 |
19 |
|
Oct 2013 |
253.9 |
253.2 |
256.6 |
253.2 |
254.7 |
+0.8 |
24 |
|
Nov 2013 |
255.5 |
255.0 |
258.1 |
254.8 |
256.5 |
+1.0 |
37 |
|
Dec 2013 |
258.5 |
256.7 |
259.5 |
256.6 |
258.7 |
+0.2 |
102 |
|
Jan 2014 |
260.8 |
259.1 |
262.5 |
258.6 |
260.2 |
-0.6 |
2,669 |
|
Total |
|
2,864 |
|||||
MARKET NEWS
* Japan’s benchmark Nikkei stock average edged up 0.6 percent in early Wednesday trade, boosted by Wall Street snapping a four-session losing streak.
* The yen was quoted around 97.48 yen to the dollar in early Asian trade, with the yen losing some ground to the greenback.
* The 19-commodity Thomson Reuters-Jefferies CRB index dropped nearly one percent on Tuesday as crude oil tumbled on excess supply fears and larger-than-expected stockpiles weighed on arabica coffee and cotton prices.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
1400 U.S. Existing home sales
1800 U.S. Federal Open Market Committee releases minutes from its July 30-31 meeting (Reporting by James Topham; Editing by Stephen Coates)
Source: Reuters
