TOKYO, Nov 28 (Reuters) – Key TOCOM rubber futures slipped 0.9 percent early on Wednesday as investors stayed away from the market amid concerns about weak demand due to global economic problems.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> was down 2 yen, or 0.8 percent, at 257.1 yen per kg as of 0055 GMT. The new benchmark contract, which debuted on Tuesday, fell as low as 256.7 yen, down 0.9 percent.
* Rubber stocks held by the Thai government stand at 170,000 tonnes and are expected to rise substantially over the next few months as the government steps up buying to support prices, the deputy agriculture minister said on Tuesday.
* Toyota Motor Corp U.S. executive Jim Lentz said consumers purchasing new vehicles to replace those lost during Superstorm Sandy will generate strong November U.S. auto sales.
MARKET NEWS
* U.S. crude oil futures fell 56 cents to $87.18 a barrel on Tuesday on concerns about the progress of key U.S. budget talks.
* Japan’s Nikkei average slipped in early trade on Wednesday, on track to end a four-day winning streak, on concerns that an apparent lack of progress in the fiscal policy standoff in the United States could trigger a recession.
DATA EVENTS
* The following data is expected on Wednesday:
– 0900 Euro zone Money M3 annual growth Oct
– 1500 U.S. New home sales Oct
– 1530 U.S. EIA weekly petroleum status report
– 1900 U.S. Federal Reserve Beige Book
– Euro zone finance ministers to hold press conference
– Germany inflation data for November
(Reporting by Yuko Inoue; Editing by Richard Pullin)
Source: Reuters
