TOKYO, Dec 20 (Reuters) – Benchmark TOCOM rubber futures fell more than 4 percent on Tuesday, dropping for a third day as profit-taking kicked in firmly with the end of the year approaching and following a three-year high that was reached last week.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: had dropped 10.6 yen, or 3.8 percent, to 265.7 yen per kg by 0050 GMT, after earlier falling as far as 263.6 yen.
The contract had risen to a three-year high last week as speculators entered the market, according to traders at the time, but little fundamental news has emerged to maintain prices at those levels.
MARKET NEWS
The U.S. dollar was quoted around 117.05 yen JPY= , down slightly from the previous close.
Japan’s benchmark Nikkei stock average .N225 edged up.
U.S. oil prices were down 1 cent at $52.11 a barrel.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0330 Bank of Japan releases outcome of board meeting
(Reporting by Aaron Sheldrick; Editing by Joseph Radford)
