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Tokyo rubber futures gain ground as equity prices firm (May 31)

TOKYO, May 31 (Reuters) – Benchmark Tokyo rubber futures rose on Friday, recovering from a three-week low hit a day earlier, helped by a rebound in equities and a retreat in the yen.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery traded 2.3 percent higher at 263 yen per kg as of 0041 GMT.

* The contract on Thursday fell as low as 257 yen, the weakest since May 7, as a sell-off in the Tokyo stock market fuelled views of worsening demand outlook and triggered selling by funds.

* The U.S. auto industry is expected to report sales growth of more than 6 percent in May, shaking off disappointing results in the previous month as consumers still headed to dealer lots to buy new cars and trucks. Sales data is due on Monday.

TOCOM Rubber Futures Prices on Friday, May 31, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

247.4

246.8

253.0

246.8

253.0

+5.6

230

Jul 2013

248.5

248.5

254.6

248.5

254.6

+6.1

31

Aug 2013

250.6

250.6

257.1

250.6

256.8

+6.2

30

Sep 2013

252.6

253.3

259.3

253.0

259.3

+6.7

84

Oct 2013

255.0

255.9

262.1

255.4

260.7

+5.7

2,736

Nov 2013

257.0

258.0

264.0

257.6

263.1

+6.1

4,292

Total

 

7,403

MARKET NEWS

* The U.S. dollar traded at around 101 yen on Friday after hitting a three-week low below 100.50 yen on Thursday.

* Japan’s Nikkei share average gained ground on Friday after falling more than 5 percent to a five-week low the day earlier.

* Crude oil futures ended mixed on Thursday, with Brent falling on a weak global economic outlook and U.S. crude lifted by optimism about the Federal Reserve’s stimulus program.

DATA EVENTS

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

0500 Japan Construction orders

0500 Japan Housing starts

0530 India Q1 GDP

0600 Germany Retail sales

0645 France Consumer spending

0900 Euro zone Inflation

0900 Euro zone Unemployment rate

1230 U.S. Personal income

1230 U.S. Personal consumption

1345 U.S. Chicago PMI

(Reporting by Risa Maeda; Editing by Ed Davies)

 

 Source: Reuters

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