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Tokyo rubber futures fall on concerns about China`s demand (25-09-2015)

 

TOKYO, Sept 24 (Reuters) – Benchmark TOCOM rubber futures fell on Thursday after long holidays in Japan and dragged down by slowing demand in China after data showed the biggest fall in China`s factory activity since the financial crisis. Japanese financial markets were closed between Monday and Wednesday due to national holiday.  

FUNDAMENTALS

  • The Tokyo Commodity Exchange rubber contract for February delivery had fallen 2.2 yen per kg, or 1.3 percent, by 0059 GMT, after booking a weekly loss of 3.7 percent last week.
  • Activity in China`s factory sector unexpectedly shrank to a 6-1/2 year low in September, a private survey showed, raising fears of a sharper slowdown in the world`s second-largest economy that could spell more turmoil for financial markets.
  • Growth in the U.S.manufacturing sector showed no month-over-month change during September, staying at August`s sluggish pace which was the weakest in almost two years, according to an industry report released on Wednesday.
  • Germany`s Lanxess sold 50 percent of its synthetic-rubber business, the world`s largest, to Saudi Aramco SDABO.UL , partnering with the leading oil firm to gain better access to petrochemical raw materials.

MARKET NEWS

  • The U.S. dollar was little changed on the yen at 120.19 JPY= early on Thursday, continuing to trade around the 120.00 level as it has for much of this month.
  • Japan`s benchmark Nikkei stock average  was down 1.9 percent in Thursday trade, after Wall Street stock prices slid the previous day.
  • Global oil markets tumbled on Wednesday, with U.S.crude futures settling down 4 percent after bullish impact from lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies.

DATA/EVENTS (GMT)

The following data is expected on Thursday: (Time in GMT)

  • 1230 U.S. Durable goods Aug

(Reporting by Yuka Obayashi; Editing by Michael Perry)

http://globalrubbermarkets.com/37160/tokyo-rubber-futures-fall-on-concerns-about-chinas-demand.html

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(source in Eximbank)
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