TOKYO, Aug 1 (Reuters) – Key Tokyo rubber futures inched up in early Asia on Monday, supported by a rise in oil prices, but investors kept a wary eye on ongoing negotiations to resolve a U.S. debt issue which has weighed on the dollar and pushed the yen sharply higher.
FUNDAMENTALS
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for January 2012 delivery was up 0.7 yen at 387.2 yen per kg as of 0028 GMT.
* Tokyo rubber futures ended 1.2 percent lower on Friday due to profit-taking after recent rises, while the U.S. debt stalemate still weighed on prices, dealers said.
* The most active rubber contract on the Shanghai futures exchange dropped 90 yuan to closed on Friday at 35,450 yuan($5,502) per tonne.
* Crude prices climbed more than $1 on Monday, sending Brent towards $118, as lawmakers in the United States moved closer to raising the nation’s borrowing limit and averting a default by the world’s top oil consumer.
* The U.S. dollar crept off a four-month low versus the yen and edged off a record low on the Swiss franc on Monday as hopes the world’s biggest economy will avert a debt default grew following reports U.S. lawmakers were close to a deal.
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MARKET NEWS
* U.S. lawmakers were close to a last-ditch $3 trillion deal on Sunday to raise the U.S. borrowing limit and assure jittery financial markets that the United States will avoid a potentially catastrophic default.
* Governments and policy makers around the world warned of the risk of financial disaster if Washington fails to raise the U.S. debt ceiling.
* The U.S. economy stumbled badly in the first half of 2011 and came dangerously close to contracting in the January-March period, raising the risk of a recession if a standoff over the nation’s debt does not end quickly.
* Tyre makers Michelin and Continental raised their full-year sales targets and said price hikes were compensating for the surging cost of rubber, their main raw material.
* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.1 percent last week, the exchange said on Friday.
* The Nikkei stock average rose on Monday, snapping a three-day loss as rising U.S. futures helped sentiment after investors speculated that lawmakers in Washington were set to reach a deal on raising the nation’s debt limit.
* U.S. stock index futures jumped at the start of electronic trading on Sunday evening as investors bet that lawmakers in Washington were set to reach a deal on raising the country’s debt limit.
DATA EVENTS
* The following data is expected on Monday:
- 0100 GMT China NBS PMI Jul 2011
- 0230 GMT China HSBC PMI Jul 2011
- 0400 GMT Russia Manufacturing PMI Jul 2011
- 0500 GMT India HSBC Markit Mfg PMI Jul 2011
- 0743 GMT Italy Markit/ADACI Mfg PMI Jul 2011
- 0753 GMT Germany Markit/BME Mfg PMI Jul 2011
- 0758 GMT EZ Markit Mfg PMI Jul 2011
- 1400 GMT U.S. ISM Manufacturing PMI Jul
- 1400 GMT U.S. Construction spending Jun
Source: http://sg.finance.yahoo.com/news/RUBBER-Tokyo-futures-inch-oil-rsg-2986182411.html
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