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Tokyo rubber futures fall for second day on firmer yen (June 6)

TOKYO, June 6 (Reuters) – Benchmark Tokyo rubber futures fell about 2 percent on Thursday, dragged down by the dollar falling below 99 yen and further weakness in Japanese share prices.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading 1.6 percent lower at 253 yen as of 0026 GMT.

* The contract earlier fell as low as 251.2 yen, a level last seen on June 3.Earlier this week, a rise in the dollar above 100 yen helped the contract to rise as high as 262.3 yen.

* A higher yen lowers yen-based TOCOM prices, even though dollar-based prices in rubber producing countries stay little changed, and often invites speculative selling.

* Crude rubber inventories at Japanese ports as of May 20 fell to 14,881 tonnes, down 756 tonnes over a 10-day period to a two-month low, data from the Rubber Trade Association of Japan showed.

* U.S. job growth probably picked up only slightly in May, suggesting the economy is still in a rut and not ready for the Federal Reserve to dial back its monetary support. Jobs data is due on Friday.

TOCOM Rubber Futures Prices on Thursday, June 06, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

248.5

248.0

248.5

243.5

243.9

-4.6

26

Jul 2013

250.4

250.9

251.0

246.0

247.2

-3.2

11

Aug 2013

252.7

251.6

251.6

247.7

249.4

-3.3

38

Sep 2013

252.9

252.3

254.0

248.0

250.8

-2.1

133

Oct 2013

255.1

254.7

256.1

249.5

251.7

-3.4

448

Nov 2013

257.0

256.8

258.2

251.2

253.3

-3.7

2,779

Total

 

3,435

MARKET NEWS

* The yen was sharply higher on Thursday as a rout in Japanese stocks forced investors out of popular carry trades, while commodity currencies were under fierce pressure with the Australian dollar wallowing at 19-month lows.

* Japan’s Nikkei share average dropped below 13,000 for the first time in two months on Thursday following disappointing U.S. private jobs data, extending the Japanese index’s 18 percent slide from a 5-1/2 year peak hit last month.

* U.S. oil held gains from the previous day on Thursday, supported a steep fall in U.S. crude stocks and import declines, but caution remains over the strength of demand and a key jobs report later in the week.

DATA EVENTS

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

1000 Germany Industrial orders

1100 Bank of England policy decision

1145 European Central Bank policy decision

1230 ECB’s Mario Draghi holds news conference

1230 U.S. Weekly jobless claims

(Reporting by Risa Maeda; Editing by Ed Davies)

Source: Reuters

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