TOKYO, Sept 9 (Reuters) – Key TOCOM rubber futures rose to a 3-1/2 month high on Monday, helped as mildly upbeat Chinese trade data highlighted signs of stability in the world’s No.2 economy, and on hopes that Tokyo’s winning of the 2020 Olympic Games would boost Japan’s economy.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for February delivery was changing hands 5.2 yen higher at 287.9 yen as of 0040 GMT, after a weekly gain of 5 percent.
The contract rose as high as 290.3 yen earlier, the highest level since an intraday high of 292.0 yen hit on May 23.
* China’s exports rose more than expected in August, boosted by improving demand for the country’s goods in major markets and adding to evidence that the world’s second-largest economy may have avoided a sharp slowdown.
* Japan savoured its victory on Monday in the race to host the 2020 Olympic Games, anticipating an economic boost to spur its revival from two decades of stagnation and help it recover from the devastating 2011 earthquake and tsunami.
* Japan’s economy expanded 0.9 percent in April-June from the previous quarter, government data showed on Monday, revised up from a preliminary 0.6 percent increase.
* Thailand’s government said on Friday it had reached a deal with most rubber farmers in the country’s south demanding greater state support for rubber prices, signalling a breakthrough in a two-week long protest.
* U.S. employers hired fewer workers than expected in August and the jobless rate hit a 4-1/2-year low as Americans gave up the search for work, complicating the Federal Reserve’s decision on whether to scale back its massive monetary stimulus this month.
* Syrian President Bashar al-Assad denied that he was behind a chemical weapons attack on the Syrian people, as the White House on Sunday pressed ahead with the uphill effort of persuading Congress to approve a military strike to punish Assad.
TOCOM Rubber Futures Prices on Monday, September 09, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Sep 2013 |
270.0 |
270.5 |
275.0 |
270.5 |
274.6 |
+4.6 |
37 |
|
Oct 2013 |
271.0 |
271.0 |
277.5 |
271.0 |
273.5 |
+2.5 |
40 |
|
Nov 2013 |
273.0 |
273.0 |
279.0 |
273.0 |
276.3 |
+3.3 |
26 |
|
Dec 2013 |
276.6 |
275.5 |
282.5 |
275.0 |
279.8 |
+3.2 |
92 |
|
Jan 2014 |
279.1 |
278.6 |
287.1 |
278.0 |
282.2 |
+3.1 |
655 |
|
Feb 2014 |
282.7 |
281.6 |
290.3 |
281.0 |
285.5 |
+2.8 |
3,794 |
|
Total |
|
4,644 |
|||||
MARKET NEWS
* Japan’s benchmark Nikkei average opened up more than 2 percent higher on Monday, buoyed by anticipations that Tokyo’s victory to host the 2020 Summer Olympics will give a boost to the nation’s economy.
* The yen fell against the dollar and euro first thing on Monday, reversing most of the gains made late last week as investors positioned for a rally in Nikkei stock prices.
* U.S. crude futures fell below $110 a barrel on Monday as investors took profits following gains of 3 percent in the last two sessions, underpinned by uncertainty over a possible U.S. military strike against Syria.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
– 0130 China CPI
– 0130 China PPI
– 0500 Japan Consumer confidence
– 0830 Euro zone Sentix index
– 1400 U.S. Employment trends
– 1900 U.S. Consumer credit (Reporting by Yuka Obayashi; Editing by Edwina Gibbs)
Source: Reuters
