TOKYO, Sept 12 (Reuters) – Tokyo rubber futures rose for a fifth straight session to hit a seven-week high on Wednesday, propped up by expectations the Federal Reserve will act this week to stimulate the U.S. economy.
FUNDAMENTALS
* The most-active Tokyo Commodity Exchange rubber contract for February delivery rose as high as 242.3 yen per kg, its loftiest since July 23. It was up 1.9 percent at 241.4 yen by 0105 GMT.
* Fed policymakers begin a two-day meeting on Wednesday and recent weak U.S. economic data, including a much smaller than forecast rise in nonfarm jobs last month, has fueled market expectations that the central bank will launch a third round of bond-buying.
* In China, Premier Wen Jiabao said the country is on track to meet this year’s 7.5 percent target for economic growth and if needed the government could use a 100 billion yuan ($16 billion) fiscal stability fund to boost growth.
* Indonesia’s rubber output will fall by 10 percent this year to 2.8 million tonnes due to dry weather conditions in the world’s second-largest producer, the head of the rubber industry association said.
* India’s natural rubber imports in August fell 17 percent from a year ago to 14,870 tonnes as tyre makers reduced imports hoping local prices would fall.
MARKET NEWS
* U.S. crude futures hovered around $97 a barrel on Wednesday, and Japan’s Nikkei stock index edged higher on expectations that the Federal Reserve will act to bolster the U.S. economy and that a German court will approve the euro zone’s bailout fund.
* The Japanese yen held near a 3-1/2 month high against a broadly weaker U.S. dollar, trading at 77.78 yen per dollar , near Tuesday’s high of 77.70.
DATA EVENTS (GMT)
0530 India Industrial output July
0800 Italy Industrial output July
0800 Germany’s Constitutional court announces decision on
the legality of the euro zone’s new permanent bailout
fund and budget rules
0900 Euro zone Industrial production July
1230 U.S. Import/export prices August
1230 U.S. World agricultural supply-demand report
1430 U.S. EIA weekly petroleum status
Federal Open Market Committee begins two-day meeting on monetary policy
($1 = 6.3351 Chinese yuan) (Reporting by Yuko Inoue; Editing by Manolo Serapio Jr.)
Source: http://sg.finance.yahoo.com/news/rubber-tokyo-futures-hit-7-011532783.html
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