TOKYO, Jan 23 (Reuters) – Key TOCOM rubber futures edged higher on Wednesday after a wobbly start, bucking the yen’s jump against the dollar, as gains on Wall Street overnight and improving German investor sentiment encouraged investment in riskier assets.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for June delivery <0#2JRU:> was up 0.4 percent, or 1.1 yen, at 312.4 yen per kg as of 0100GMT.
* The benchmark contract dipped as much as 1.1 percent early as investors took profit after the Bank of Japan’s announcement on Tuesday to double its inflation target to 2 percent and to switch to an open-ended commitment to buying assets next year.
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* Rubber imports into India in January and February are likely to fall on year as a sharp drop in local prices in the past three months is deterring local consumers from overseas purchases, a senior industry official said on Tuesday.
TOCOM Rubber Futures Prices on Jan. 23, 2013 ( yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Jan 2013 |
295.2 |
295.2 |
295.2 |
291.8 |
292.8 |
-2.4 |
76 |
|
Feb 2013 |
298.4 |
297.0 |
299.0 |
297.0 |
298.3 |
-0.1 |
39 |
|
Mar 2013 |
300.5 |
298.9 |
302.3 |
297.6 |
301.4 |
+0.9 |
193 |
|
Apr 2013 |
305.3 |
303.2 |
306.1 |
301.4 |
305.5 |
+0.2 |
105 |
|
May 2013 |
308.1 |
306.6 |
309.8 |
304.9 |
308.8 |
+0.7 |
555 |
|
Jun 2013 |
311.3 |
310.3 |
313.0 |
308.0 |
311.6 |
+0.3 |
3,401 |
|
Total |
|
4,36 |
|||||
MARKET NEWS
* Bank and commodity shares led the benchmark Standard & Poor’s 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.
* The yen held firm on Wednesday, having posted its biggest-one-day gain in around eight months on the greenback, while Japan’s benchmark Nikkei average opened down 1.25 percent. The yen hovered around 88.64 yen, up from its 2-1/2 year low of 90.25.
* U.S. crude futures rose on Tuesday on Bank of Japan’s plans for asset buying and on supportive investor confidence data from Germany that bolstered expectations for fuel demand.
DATA EVENTS
* The following data is expected on Wednesday:
– 1245 U.S. ICSC weekly chain store sales
– 1355 U.S. Redbook weekly retail sales
– 1400 U.S. FHFA home price index Nov
– 1500 Euro zone Consumer confidence Jan
– 1500 Canada BoC rate decision
– 2130 U.S. API weekly crude stocks
(Reporting by Yuko Inoue; Editing by Muralikumar Anantharaman)
Source: Reuters
