Markets

Tokyo futures edge higher, US data eyed

TOKYO : Key Tokyo rubber futures settled slightly higher on Monday after moving in a tight range with large-lot invest

Published August 29, 2011 Updated August 29, 2011 10:28am

2 min

By Imad Uddin

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The key Tokyo Commodity Exchange rubber contract for February delivery settled up 0.8 percent, or 3 yen, at 363.9 yen per kg.

The most active Shanghai rubber contract for January delivery rose 0.3 percent to close at 33,155 yuan per tonne. Volume stood at 422,704 lots.

"As the market is barely moving, large-lot investors are being forced to take a wait-and-see stance, unable to close their positions or open fresh ones," said Naoki Asami, chief broker at trading house Kanetsu.

"They are waiting to see the US jobs data due out early next month and US monetary policy," he said, adding that the market could gain momentum if it breaks its current tight range of between 350 yen and 370 yen.

The dollar fell against a basket of major currencies on Monday, with traders speculating the Federal Reserve may offer more stimulus next month in the face of an uncertain growth outlook. U.S non-farm payrolls data is due out on Friday.

Brent crude fell below $111 on Monday as oil refiners and terminals along the US east coast weathered the worst of a tropical storm, easing fears of fuel supply disruptions in the world's top oil consumer.

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