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Tokyo rubber futures fall to 1-mth low as equities slide (June 3)

TOKYO, June 3 (Reuters) – Benchmark Tokyo rubber futures dropped more than 2 percent to a one-month low on Monday, hurt as a sharp fall in Japanese equity prices dimmed the outlook for demand.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 2.5-percent lower at 252.0 yen as of 0011 GMT.

* The contract earlier declined to 251.1 yen, the lowest since 250.8 yen on May 2.

* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.6 percent from last Friday.

* China’s official PMI rose to 50.8 in May from 50.6 in April, data showed on Saturday, beating market expectations and raising optimism that the world’s second-largest economy may be stabilising.

* 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 Monday, June 03, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

248.0

244.8

246.5

240.1

246.5

-1.5

18

Jul 2013

249.9

249.3

249.3

243.0

248.9

-1.0

28

Aug 2013

252.6

250.9

253.6

246.0

253.6

+1.0

76

Sep 2013

254.5

252.7

256.0

248.0

256.0

+1.5

282

Oct 2013

256.2

254.9

258.1

249.5

258.1

+1.9

1,948

Nov 2013

258.4

256.6

259.6

251.1

259.1

+0.7

5,259

Total

 

7,611

MARKET NEWS

* The U.S. dollar traded at around 100.50 yen on Monday, nearing a three-week low below 100.30 yen hit last week.

* Japan’s Nikkei share average fell to a five-week low on Monday as sharp declines in U.S. stocks dampened already fragile sentiment in Japanese equities that had fallen nearly 14 percent from a 5-1/2 year peak.

* U.S. crude fell to a one-month low on Monday, extending a drop in the previous session.

DATA EVENTS

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

0145 China HSBC Mfg PMI Final May CNPMIC=ECI

0500 India HSBC Markit Mfg PMI May INPMI=ECI

0743 Italy Markit/ADACI Mfg PMI May ITRPMI=ECI

0753 Germany Markit/BME Mfg PMI May DEPMIM=ECI

0758 EZ Markit Mfg PMI May EUPMI=ECI

1400 U.S. ISM Manufacturing PMI May USPMI=ECI

1400 U.S. Construction spending Apr USTCNS=ECI

N/A U.S. Total vehicle sales May USVEH=ECI

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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