TOKYO, Sept 20 (Reuters) – Tokyo rubber futures gave back some of previous day’s gains on Friday, but the contract was still headed for a weekly rise of more than 4 percent after the surprise decision by the Federal Reserve to maintain its huge bond-buying stimulus supported commodity markets.
FUNDAMENTALS
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery was down 0.6 percent at 283.5 yen per kg by 0028 GMT, after settling 2.7 percent higher on Thursday.
At the current level, the contract was poised for a weekly rise of 4.1 percent, after slumping 3.8 percent in the week to Sept 13.
* China bought some rubber physical cargoes from Thailand and Indonesia earlier this week and could be looking for more as the market was filled with speculation the world’s largest consumer could stockpile again, dealers said on Thursday.
* Volkswagen denied a report on Thursday that Europe’s biggest carmaker was at risk of missing its financial targets, saying it was fully committed to its outlook.
TOCOM Rubber Futures Prices on Friday, September 20, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Sep 2013 |
265.5 |
270.0 |
270.0 |
262.0 |
263.7 |
-1.8 |
51 |
|
Oct 2013 |
271.3 |
272.2 |
272.2 |
267.5 |
268.9 |
-2.4 |
298 |
|
Nov 2013 |
273.9 |
275.2 |
275.2 |
270.7 |
270.9 |
-3.0 |
65 |
|
Dec 2013 |
277.0 |
278.9 |
278.9 |
273.7 |
274.7 |
-2.3 |
68 |
|
Jan 2014 |
281.0 |
283.0 |
283.0 |
277.6 |
278.9 |
-2.1 |
307 |
|
Feb 2014 |
285.3 |
286.7 |
286.9 |
281.5 |
282.5 |
-2.8 |
2,654 |
|
Total |
|
3,443 |
|||||
MARKET NEWS
* The U.S. dollar was quoted around 99.47 yen in Asia, well off Wednesday’s low of 97.76 yen, as the greenback erased all of its losses from the surprise decision by the U.S. central bank to keep pouring money into the economy.
* Japan’s benchmark Nikkei stock average edged up 0.3 percent in early Friday trade, as the weaker yen supported exporters, the index’s main component.
* The 19-commodity Thomson Reuters-Jefferies CRB index rose 0.3 percent on Thursday as gains in gold and several agricultural commodities were limited by tumbling crude oil prices.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
0800 Italy Industrial orders
1400 Euro zone Consumer confidence
1930 U.S. CFTC commitment of traders data
(Reporting by James Topham; Editing by Chris Gallagher)
Source: Reuters
