TOKYO, Aug 2 (Reuters) – Benchmark TOCOM rubber futures rose for a second day on a weaker yen and higher oil prices overnight, as a wave of surprisingly positive global economic data drove investors toward commodities.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for January delivery was trading up 2.0 percent at 250.8 yen per kg at 0048 GMT, after settling 2.3 percent higher on Thursday.
* U.S. manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end.
* U.S. auto sales to individual U.S. consumers beat expectations in July and major automakers reported low inventories for many hot-selling models, such as Ford Motor Co’s Fusion mid-size sedan, suggesting sales would strengthen further this year.
* The European Central Bank left interest rates at a record low 0.5 percent on Thursday and affirmed that they will remain there for some while to come and could yet fall further.
* The Japanese economy can withstand a planned sales tax increase even if growth slows from the first quarter’s healthy pace, economists said in a Reuters poll, offering support for the contentious fiscal reform, the biggest in decades.
TOCOM Rubber Futures Price on Friday, August 02, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Aug 2013 |
245.0 |
247.0 |
249.0 |
247.0 |
249.0 |
+4.0 |
4 |
|
Sep 2013 |
242.3 |
244.2 |
248.8 |
244.2 |
248.8 |
+6.5 |
13 |
|
Oct 2013 |
242.8 |
244.0 |
248.9 |
244.0 |
248.0 |
+5.2 |
103 |
|
Nov 2013 |
243.7 |
244.9 |
249.5 |
244.7 |
248.3 |
+4.6 |
154 |
|
Dec 2013 |
244.9 |
246.7 |
250.4 |
245.5 |
248.9 |
+4.0 |
1,155 |
|
Jan 2014 |
245.8 |
247.4 |
251.5 |
246.2 |
250.0 |
+4.2 |
3,976 |
|
Total |
|
5,405 |
|||||
MARKET NEWS
* Oil prices jumped on Thursday, with Brent crude gaining its most in nearly six months, and copper rallied too as energy supply outages in Africa and Iraq and a wave of surprisingly positive global economic data drove investors toward commodities.
* The yen was quoted around 99.49 to the dollar, well off this week’s high around 97.58 per dollar, in early Asian trade on Friday, as the greenback held onto overnight gains.
* Japan’s Nikkei share average rose to a one-week high on Friday, following Wall Street and European shares higher on strong U.S. economic data and as major central banks said they would keep monetary stimulus in place.
DATA EVENTS
* The following data is expected on Friday: (Time in GMT)
0900 Euro zone Producer prices
1230 U.S. Unemployment rate
1230 U.S. Non-farm payrolls
1230 U.S. Personal income
1345 U.S. ISM-New York business index
1400 U.S. Factory orders
(Reporting by Yuka Obayashi; Editing by Richard Pullin)
Source: Reuters
