October 25, 2013 / 12:41 AM / in 4 years

RUBBER-Tokyo futures tread water as profit-taking caps gains

TOKYO, Oct 25 (Reuters) - Benchmark TOCOM rubber futures traded in a narrow range early on Friday as traders looking to take profits on the previous day’s rise before the start of the weekend capped major gains.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for March delivery was up 0.3 yen at 263.0 yen per kg by 0031 GMT, after settling 1.2 yen higher on Thursday when data showed the manufacturing sector in top rubber buyer China picked up in October.

* Japan’s core consumer prices rose 0.7 percent in September from a year earlier, staying near the fastest growth in almost five years, government data showed on Friday, in a sign that the economy is heading out of deflation.

* Natural rubber producer Sogb’s net profit plunged 48 percent year-on-year in the first half of 2013, a newspaper reported on Thursday, as a 21 percent fall in the price of rubber and increased taxes hit the Ivory Coast firm’s profits.

* U.S. automaker Ford Motor Co boosted its full-year global profit outlook on Thursday as its view on Europe brightened and stronger overseas demand sparked better-than-expected third-quarter results.

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