TOKYO, Sept 11 (Reuters) – Benchmark TOCOM rubber futures inched up on Wednesday, bolstered by a weakening yen and upbeat industrial data from Japan and China.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery was up 0.3 percent at 283.2 yen per kg at 0027 GMT, after settling 2.3 percent lower on Tuesday.
* Big Japanese manufacturers grew more optimistic about their business conditions in July-September, a government survey showed on Wednesday, suggesting that Prime Minister Shinzo Abe’s sweeping economic policies are paying off.
* Chinese factory output growth hit a 17-month high and retail sales grew at their fastest pace this year in August, data showed on Tuesday, signaling the world’s second-largest economy may be regaining some momentum.
* The government of top rubber exporter Thailand doubled its subsidy offer for rubber farmers on Tuesday, but protesting growers insisted other demands be met before they consider calling off protests planned for this weekend.
TOCOM Rubber Futures Prices on Wednesday, September 11, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Sep 2013 |
269.8 |
269.9 |
269.9 |
267.0 |
268.1 |
-1.7 |
37 |
|
Oct 2013 |
271.0 |
271.7 |
272.4 |
271.0 |
271.0 |
+0.0 |
28 |
|
Nov 2013 |
272.0 |
274.7 |
274.7 |
273.0 |
273.0 |
+1.0 |
10 |
|
Dec 2013 |
276.0 |
277.5 |
277.9 |
276.5 |
277.2 |
+1.2 |
49 |
|
Jan 2014 |
279.5 |
281.0 |
281.6 |
279.1 |
280.4 |
+0.9 |
189 |
|
Feb 2014 |
282.4 |
283.8 |
284.5 |
281.5 |
283.2 |
+0.8 |
1,451 |
|
Total |
|
1,764 |
|||||
MARKET NEWS
* The U.S. dollar was quoted around 100.30 yen in early Asian trade, after having risen as high as 100.47 yen the previous day, as Syria accepted a Russian proposal to give up chemical weapons, raising hopes of a diplomatic solution.
* Japan’s benchmark Nikkei stock average gained 0.5 percent in early Wednesday trade on the back of overnight gains in U.S. equities and the weaker yen.
* The 19-commodity Thomson Reuters-Jefferies CRB index dropped 0.8 percent on Tuesday, as oil prices hit a two-week low and gold and other commodities fell after Syria agreed to Russia’s proposal.
DATA EVENTS
* The following data is expected on Wednesday: (Time in GMT)
1100 U.S. Weekly mortgage market index
1400 U.S. Wholesale inventories
1430 U.S. EIA weekly crude stocks (Reporting by James Topham; Editing by Joseph Radford)
Source: Reuters
