TOKYO, Oct 3 (Reuters) – Key Tokyo rubber futures edged lower on Monday, tracking losses in oil and shares despite the yen’s weakening, as concerns grow that the global economy may face further turmoil.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for March delivery <0#2JRU:> was down 3.9 yen at 306.9 yen as of 0045 GMT.
* On Friday, the most active Shanghai rubber contract for January delivery rose 4.2 percent to close at 27,775 yuan per tonne. Volume declined to 830,976 lots. The market will be closed this week for a national holiday.
* The dollar rose against the yen to 77.11 , near a two-week high.
* Oil fell more than a dollar on Monday on growing fears the euro debt crisis may spread to other parts of the region and dampen global oil demand.
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MARKET NEWS
* Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that giant steps taken to avert bankruptcy may not be enough.
* Renault-Nissan, the French-Japanese automaking partnership, said on Saturday it plans to build a new automobile factory and expand an existing plant in Brazil as part of efforts to boost its presence in the world’s fourth largest car market.
* Maruti Suzuki , India’s top carmaker, said a month-long strike at one of its plants that cost the company about $135 million in lost output ended on Saturday, after workers agreed to sign discipline agreements.
* The Nikkei average dropped 2 percent on Monday, as fears of slowing global growth and the spreading impact of Europe’s credit woes encouraged investors to pull funds out of risk assets.
* Japanese business sentiment improved in the third quarter as manufacturing supply chains recovered and the economy avoided disruptive power outages following a large earthquake in March, but a rising yen and Europe’s debt crisis threaten the outlook.
DATA EVENTS
* The following data is expected on Monday:
- 0400 Russia Manufacturing PMI Sep 2011
- 0400 U.S. Total Vehicle Sales Sep
- 0500 India HSBC Markit Mfg PMI Fin Sep 2011
- 0743 Italy Markit/ADACI Mfg PMI Sep 2011
- 0753 Germany Markit/BME Mfg PMI Sep 2011
- 0758 EZ Markit Mfg PMI Sep 2011
- 1400 U.S. ISM Manufacturing PMI Sep
- 1400 U.S. Construction spending Aug
Source: http://sg.finance.yahoo.com/news/RUBBER-Tokyo-futures-lower-rsg-2733691209.html
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