This entry was posted on Tuesday, October 13th, 2009 at 9:53 am and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
TOKYO, Oct 13 (Reuters) – Tokyo rubber futures rose almost 1 percent on Tuesday, helped by higher oil prices, after rising to a one-year high late last week.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for March delivery <0#JRU:> was at 217.2 yen per kg at 0033 GMT, up 1.9 yen or 0.9 percent from the previous settlement on Friday.
* Monday was a national holiday in Japan.
* The contract rose as high as 219.0 yen on Friday, the highest for any benchmark since October 2008.
* U.S. crude futures edged down on Tuesday, after rising for a third day to settle at a seven-week high above $73 a barrel on Monday on a weaker dollar and optimism about the pace of global economic recovery. [O/R]
MARKET NEWS
* The dollar shifted back onto the defensive on Tuesday as investors added to long positions in high-yielding currencies on expectations that robust U.S. earnings would sustain risk appetite. [USD/] The dollar edged down to 89.76 yen.
* Japan’s Nikkei share average <.N225> was down 0.4 percent. [.T]
* The S&P 500 U.S. share index managed a sixth consecutive day of gains on Monday to end at its closing high for the year as energy shares rose alongside the price of oil. [.N]
DATA EVENTS
* The following data is expected on Tuesday :
– UK inflation figures for Sept (0830 GMT)
– Germany ZEW economic sentiment for Oct (0900 GMT)
– OPEC monthly report (1000 GMT)
– U.S. ICSC/Goldman Sachs chain store sales (1145 GMT)
– New York Fed president Dudley speaks (1715 GMT)
– Fed vice president Kohn speaks (1745 GMT)
RELATED NEWS >Grains surge on bad crop weather; weak dlr helps [COM/WRAP] >China’s SAIC says Jan-Sept earnings jump 70 pct [ID:nSHA302672] >Malaysia expects rubber output up 50 pct by 2020[ID:nKLR497398]
Source: Reuters