TOKYO, Sept 12 (Reuters) – Benchmark TOCOM rubber futures fell nearly 1 percent on Thursday as the yen gained against the U.S. dollar, which came under pressure as investors wound back the size of an expected tapering of U.S. stimulus measures.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery was down 2.6 yen, or 0.9 percent, at 280.4 yen per kg at 0120 GMT, after settling 0.6 yen higher on Wednesday.
* The Federal Open Market Committee meets next Tuesday and Wednesday. While it is expected to start scaling back its $85 billion monthly asset-buying programme, Friday’s disappointing jobs data prompted many to believe the reduction will be more modest than some had previously expected.
* A Reuters survey earlier this week showed most economists see the U.S. central bank trimming its monthly asset purchases by about $10 billion.
* Thai rubber farmers have called off demonstrations planned for the weekend after the government doubled its subsidy for production and offered help for people arrested in protests last week, a farmers’ leader said on Wednesday.
* Volkswagen is taking further steps to beef up its overseas operations as the German carmaker increasingly feels the pinch of slumping demand in ailing European markets.
TOCOM Rubber Futures Prices on Thursday, September 12, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Sep 2013 |
270.0 |
269.8 |
269.8 |
267.8 |
267.8 |
-2.2 |
15 |
|
Oct 2013 |
270.9 |
272.0 |
272.0 |
269.0 |
269.0 |
-1.9 |
22 |
|
Nov 2013 |
273.3 |
274.2 |
274.5 |
270.2 |
270.2 |
-3.1 |
16 |
|
Dec 2013 |
276.2 |
277.7 |
277.8 |
272.6 |
273.0 |
-3.2 |
79 |
|
Jan 2014 |
279.8 |
280.3 |
281.3 |
275.7 |
276.3 |
-3.5 |
544 |
|
Feb 2014 |
283.0 |
283.5 |
284.3 |
278.5 |
279.2 |
-3.8 |
2,859 |
|
Total |
|
3,535 |
|||||
MARKET NEWS
* The dollar bought 99.80 yen, down about 0.1 percent. It moved away from Wednesday’s high of 100.60 yen, which was the highest since July 22, according to Reuters data.
* Japan’s benchmark Nikkei stock average rose 0.2 percent in early Thursday trade.
* U.S. crude futures inched towards $108 a barrel in light trade on Thursday, with investors uncertain about the outlook for supply from the Middle East.
* The 19-commodity Thomson Reuters-Jefferies CRB index rose by a marginal 0.2 percent on Wednesday after markets weighed the U.S. plan to hold back an attack on Syria if Damascus surrenders its chemical weapons.
DATA EVENTS
* The following data is expected on Thursday: (Time in GMT)
– 0800 Italy Industrial output
– 0900 Euro zone Industrial production
– 1200 India Industrial output
– 1230 U.S. Weekly jobless claims
– 1230 U.S. Import prices
– 1600 U.S. World agricultural supply and demand estimates
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
Source: Reuters
