TOKYO, April 19 (Reuters) – Key TOCOM rubber futures rose on Friday, bouncing from a five-month low hit the previous day, but remain set for a 10 percent weekly loss in the wake of weak Chinese data that sapped the outlook for demand ahead of a seasonal pick-up in output.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract, for September delivery , was changing hands up 4 yen, or 1.6 percent, at 249.2 yen per kg as of 0023 GMT.
* The benchmark contract on Thursday fell as far as 242.6 yen, its lowest since November 2012.
* Thailand, the world’s biggest rubber producer and exporter, is planning to offer loans to exporters to buy the commodity in a bid to shore up falling prices, a senior government official said on Thursday.
* Separately, Bangkok has decided to cut exports for another two months after a scheme agreed with Indonesia and Malaysia expired at the end of March.
* Thai farmers, who form a significant vote-bank for the government, usually resume tapping trees for the commodity after a one-month break during the dry season in April.
TOCOM Rubber Futures Prices on Friday, April 19, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Apr 2013 |
233.0 |
233.0 |
240.3 |
233.0 |
240.2 |
+7.2 |
77 |
|
May 2013 |
234.0 |
235.0 |
242.0 |
235.0 |
239.4 |
+5.4 |
132 |
|
Jun 2013 |
237.3 |
238.8 |
244.4 |
238.8 |
242.6 |
+5.3 |
155 |
|
Jul 2013 |
240.8 |
242.3 |
247.3 |
242.3 |
246.2 |
+5.4 |
115 |
|
Aug 2013 |
243.5 |
245.0 |
249.6 |
245.0 |
248.2 |
+4.7 |
380 |
|
Sep 2013 |
245.2 |
246.8 |
251.0 |
246.8 |
250.3 |
+5.1 |
3,726 |
|
Total |
|
4,585 |
|||||
MARKET NEWS
* The dollar traded at around 98.25 yen on Friday, paring recent falls and nearing a four-year high of 99.94 yen marked last week, amid views that Japan was unlikely to face much criticism of its aggressive monetary easing at a meeting of the Group of 20 countries beginning on Thursday.
* Japan’s Nikkei share average rose on Friday as the downward trend in the yen offset negative sentiment from Wall Street.
* Brent crude oil rose more than $1 a barrel back toward $100 a barrel on Thursday, snapping a six-day losing streak as low prices sparked buying by bargain hunters.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
0600 Germany Producer prices
0800 Euro zone Current account
0800 Italy Industrial orders
1930 U.S. CFTC commitment of traders data
N/A European Central Bank Governing Council Member Jens
Weidmann and German Finance Minister Wolfgang
Schaeuble hold press conference ahead of IMF Spring
Meetings in Washington (Reporting by Risa Maeda; Editing by Joseph Radford)
Source: Reuters
