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Tokyo futures firm, but stronger yen caps gains (June 4)

TOKYO, June 4 (Reuters) – Benchmark Tokyo rubber futures firmed on Tuesday, with investors tempted by lower prices after declines to a one-month low the day before on falling equity prices, but a stronger yen limited gains.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 0.3 percent higher at 257.8 yen as of 0026 GMT.

* On Monday, the contract fell to 251.1 yen, the lowest since 250.8 yen on May 2, as a drop in share prices dampened the outlook for demand.

* Oil and gold prices jumped nearly 2 percent on Monday after softer U.S. manufacturing data for May sent the dollar tumbling and weakened the notion that the Federal Reserve was ready to withdraw monetary stimulus for the economy.

* U.S. auto sales rose more than expected in May as construction workers and oil drillers bought more pickup trucks to meet growing demand for their services, a trend that major automakers expect to persist throughout the year.

TOCOM Rubber Futures Prices on Tuesday, June 04, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

246.7

246.0

251.5

245.8

249.0

+2.3

28

Jul 2013

249.4

249.3

252.6

248.7

251.8

+2.4

40

Aug 2013

251.2

249.9

254.9

249.9

254.9

+3.7

52

Sep 2013

253.0

251.3

257.3

251.3

255.7

+2.7

133

Oct 2013

255.1

254.0

260.1

253.4

257.4

+2.3

1,301

Nov 2013

257.0

255.6

262.0

255.0

259.5

+2.5

5,081

Total

 

6,635

MARKET NEWS

* The U.S. dollar wallowed at one-month lows against a basket of major currencies on Tuesday. Against the yen, the dollar traded at around 99.80 yen, having fallen as deep as 98.86, a low not seen since May 9.

* Japan’s Nikkei share average was down 0.4 percent as of 0025 GMT in choppy trade.

DATA EVENTS

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

0900 Euro zone Producer prices

1145 U.S. ICSC weekly chain store sales

1230 U.S. International trade

1255 U.S. Redbook weekly retail sales

1345 U.S. ISM-New York regional activity

1400 U.S. IBD/TIPP consumer confidence

2030 U.S. API weekly crude stocks

(Reporting by Risa Maeda; Editing by Joseph Radford)

Source: Reuters

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