TOKYO, Nov 8 (Reuters) – Benchmark TOCOM rubber futures fell nearly 1 percent in early Asian trade on Friday, hurt by a stronger yen, while traders were awaiting Chinese export and import data to assess demand in the world’s second-biggest economy.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for April delivery was changing hands 1.9 yen lower at 256.0 yen as of 0027 GMT. The benchmark contract is close to a near three-month low of 253.5 yen hit on Tuesday.
* The dollar rose to a near seven-week high at 99.41 yen in New York on robust U.S. economic data, before surrendering gains to trade at around 98.20 yen. That compared with about 98.63 on Thursday afternoon.
A stronger Japanese currency makes yen-denominated assets more expensive when purchased in other currencies.
* Data showing growth in the U.S. economy accelerated in the third quarter while jobless claims fell in the latest week, supported the case for a cutback in stimulus by the Federal Reserve later this year.
TOCOM Rubber Futures Prices on Friday, November 08, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Nov 2013 |
247.0 |
244.5 |
245.1 |
244.5 |
245.1 |
-1.9 |
2 |
|
Dec 2013 |
248.9 |
248.8 |
248.8 |
247.0 |
247.9 |
-1.0 |
11 |
|
Jan 2014 |
252.5 |
250.9 |
251.0 |
250.2 |
251.0 |
-1.5 |
58 |
|
Feb 2014 |
254.2 |
254.6 |
254.6 |
252.0 |
253.8 |
-0.4 |
102 |
|
Mar 2014 |
256.2 |
256.3 |
256.5 |
253.7 |
255.4 |
-0.8 |
1,028 |
|
Apr 2014 |
257.9 |
257.9 |
258.2 |
255.2 |
257.0 |
-0.9 |
2,343 |
|
Total |
|
3,544 |
|||||
MARKET NEWS
* S&P 500 suffered its worst daily decline since August on Thursday, while frenzied buying in Twitter shares grabbed Wall Street’s attention.
* Brent crude oil futures slid nearly two percent on Thursday, posting a third straight day of losses, as a strong dollar and progress in talks between Iran and the West over Tehran’s disputed nuclear program pressured prices.
* Japan’s Nikkei share average was down 1.09 percent in early morning trade.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
– 0200 China Exports
– 0200 China Imports
– 0200 China Trade balance
– 0700 Germany Trade balance
– 0745 France Industrial output
– 0745 France Trade balance
– 1330 U.S. Unemployment rate
– 1330 U.S. Nonfarm payrolls
– 1455 U.S. Univ of Michigan sentiment index
– 1700 U.S. World Agricultural Supply and Demand Report (Reporting by Osamu Tsukimori; Editing by Ed Davies)
Source: Reuters
