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Tokyo rubber futures reverse losses to rise 1 pct (Mar. 4)

TOKYO, March 4 (Reuters) – Key TOCOM rubber futures bounced 1 percent from a two-month low in early trade on Monday, as Tokyo share prices extended recent gains after strong U.S. data overshadowed U.S. spending cuts and growth concerns in China and Europe.

FUNDAMENTALS

* The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery was changing hands up 2.9 yen, or 1 percent, at 287 yen per kg as of 0033 GMT.

* The contract fell to a low of 282.7 yen in an after-hours session on Friday, which is a part of Monday’s trade. It was the lowest level for any benchmark since Dec. 20 and down 16.1 percent from a 10-month high marked in February.

* U.S. manufacturing activity expanded last month at its fastest clip in 20 months, a report on Friday showed. U.S. consumer sentiment also rose in February as Americans turned more optimistic about the job market.

* U.S. auto sales rose nearly 4 percent in February, delivering a better-than-expected performance as strength in the U.S. housing market tempered worries over the wave of U.S. federal spending cuts due to begin on Friday.

* Toyota Motor Corp and its China joint ventures sold 36,300 cars in the country in February, down 45.7 percent from a year earlier, the Japanese automaker said on Friday.

TOCOM Rubber Futures  Prices on March 4, 2013 (yen / kilogram) 

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Mar 2013

267.0

266.2

269.0

266.2

269.0

+2.0

9

Apr 2013

270.0

273.1

273.1

270.1

271.3

+1.3

105

May 2013

273.0

275.2

277.0

273.0

275.0

+2.0

197

Jun 2013

277.1

278.3

280.0

276.0

278.4

+1.3

202

Jul 2013

280.1

280.2

283.6

279.0

281.3

+1.2

1,195

Aug 2013

284.1

284.5

287.4

282.7

285.0

+0.9

3,808

Total

 

5,516

MARKET NEWS

* The dollar was little changed against the yen on Monday after rising more than 1 percent to 93.56 yen on Friday, its biggest one day gain in three weeks.

* Japan’s Nikkei share average opened up 0.77 percent at 11,695.45 on Monday.

* Brent crude prices fell to a six-week low below $110 per barrel on Friday, erasing all gains so far in 2013 as political gridlock in Washington was set to trigger automatic U.S. budget cuts.

DATA EVENTS

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

0930 Euro zone Sentix index

1000 Euro zone Producer prices

1445 U.S. ISM-New York business index

(Reporting by Risa Maeda; Editing by Richard Pullin)

Source: Reuters

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