Tokyo futures extend falls into 2nd day (Feb 3,2012)
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- Category: ต่างประเทศ
- Published on Friday, 03 February 2012 05:46
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February 3, 2012
Tokyo futures extend falls into 2nd day (Feb 3) r rubbermarketnews 344 225x300 TOKYO, Feb 3 (Reuters) – Key TOCOM rubber futures fell for the second straight day on Friday and were heading for the first weekly decline in five weeks as news of higher rubber stocks in China, the world’s biggest consumer, underlined views that a recent rally prompted by Thailand’s plan to support prices was overdone.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for July delivery was changing hands 1.2 yen lower at 309.9 yen per kg as of 0108 GMT. The TOCOM benchmark rubber contract hit a three-month intraday peak of 324.6 yen last week.
* Rubber stocks in China’s bonded warehouses in Qingdao are estimated at between 230,000 and 250,000 tonnes, higher than around 200,000 seen in late 2011, five dealers said on Thursday, curbing demand for tyre grade in the physical market.
* Bridgestone Corp, the world’s largest tyre maker, bought a few cargoes of Indonesian rubber this week for nearby shipment, but many Chinese buyers were on the sidelines due to high inventory in bonded warehouses, dealers said on Thursday.
* Indonesia’s government plans to create one of the world’s largest palm oil and rubber firms in March by combining state planters with total assets of $5.6 billion, a government minister told Reuters on Thursday.
* India’s natural rubber imports are set to fall from March as Thailand’s move to intervene in the market has pushed up world prices, making overseas buying expensive for Indian tyre makers, industry officials said.
MARKET NEWS
* Major global currencies marked time early in Asia on Friday as investors retreated to the sidelines ahead of a U.S. jobs report that could either reinforce the recent improvement in risk sentiment or unravel it.
* The Nikkei share average slipped in early trade on Friday ahead of the U.S. jobs data, though Sony Corp rose as traders said investors were hoping its new CEO would turn things around after it forecast a $2.9 billion annual loss.
* Brent prices rose for a third straight day on Thursday and U.S. crude dropped more than 1 percent in heavy trading that saw the price differential between the two contracts widen to near three-month highs.
DATA EVENTS
* The following data is expected on Thursday:
- 0858 GMT EZ Markit Services PMI/Jan
- 1000 GMT EZ Retail sales/Dec
- 1330 GMT US Non-farm payrolls/Jan
- 1330 GMT US Unemployment rate/Jan
- 1500 GMT US Durables/Dec
- 1530 GMT US ECRI weekly
(Reporting by Osamu Tsukimori and Risa Maeda; Editing by Michael Watson)
Source: http://sg.finance.yahoo.com/news/rubber-tokyo-futures-extend-falls-012947438.html
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