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Tokyo rubber futures extend losses on stronger yen (Feb 27)

TOKYO, Feb 27 (Reuters) – Key TOCOM rubber futures fell to a two-month low on Wednesday, extending the previous day’s 3-percent decline as the yen remained strong amid concerns that political gridlock in Italy may reignite the euro zone financial crisis.

FUNDAMENTALS

* The newly-listed August contract was changing hands at 288.3 yen per kg, down 1.5 yen from the previous close, as of 0102 GMT. The contract earlier dropped to 286.6 yen, the lowest level since Dec. 25.

* Chinese investors have been piling up rubber as collateral for financing, recently driving prices to 10-month highs, in what could be a risky bet as warehouses in the world’s top user fill up with a commodity that can only be stored for a limited time.

* Vietnam surpassed Malaysia in 2012 to become the world’s third-largest rubber exporter, after Thailand and Indonesia.

TOCOM Rubber Futures Prices on February 27, 2013 (yen / kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Mar 2013

272.5

270.5

272.0

270.5

271.5

-1.0

11

Apr 2013

276.5

275.8

276.9

274.6

274.6

-1.9

105

May 2013

281.1

279.8

281.0

277.5

277.8

-3.3

310

Jun 2013

284.6

283.9

284.2

281.0

281.5

-3.1

532

Jul 2013

287.0

285.7

287.3

283.7

284.7

-2.3

2,642

Aug 2013

289.8

288.8

290.1

286.6

287.6

-2.2

3,993

Total

 

7,593

MARKET NEWS

* The yen held near one-month highs on Wednesday, remaining susceptible to bursts of short-covering as political uncertainty in Italy kept the euro under the gun.

* Japan’s Nikkei share average edged up on Wednesday on short-covering after falling sharply on the previous day, as hopes for continuing U.S. Federal Reserve stimulus boosted Wall Street.

* U.S. crude futures edged towards $93 a barrel on Wednesday after Federal Reserve Chairman Ben Bernanke eased fears of an early retreat by the Fed from its economic stimulus.

DATA EVENTS

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

0700 Germany GfK consumer sentiment

0745 France Consumer confidence

0900 Italy Business confidence

1000 Euro zone Business climate

1000 Euro zone Economic sentiment

1330 U.S. Durable goods orders

1500 U.S. Pending homes sales

1500 Federal Reserve Chairman Ben Bernanke delivers

semi-annual testimony on the economy and monetary

policy before the House Financial Services Committee

1730 European Central Bank President Mario Draghi speaks

1530 U.S. EIA petroleum status report

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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