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Tokyo rubber futures slip to lowest in 7 weeks on strong yen (June 7)

TOKYO, June 7 (Reuters) – Benchmark Tokyo rubber futures slipped to a seven-week low on Friday after the yen gained sharply against the dollar and as Japanese share prices sank further.

FUNDAMENTALS

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery was trading down 0.24 percent at 247.1 yen as of 0028 GMT.

* The contract earlier fell to 245.5 yen, the lowest since April 18.

* The yen gained more than 3 percent overnight to a seven-week low of 95.90 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.

* Global equities moved higher while the dollar also slid against the euro, as investors reduced heavy bets on the greenback on concerns that Friday’s U.S. jobs report will disappoint.

TOCOM Rubber Futures Prices on Friday, June 07, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Jun 2013

241.2

241.2

241.9

240.8

240.8

-0.4

6

Jul 2013

244.0

244.5

246.0

242.0

242.0

-2.0

12

Aug 2013

244.0

245.2

247.3

242.6

242.6

-1.4

34

Sep 2013

244.4

245.1

248.0

242.7

243.2

-1.2

214

Oct 2013

245.5

245.8

249.2

243.2

244.1

-1.4

1,149

Nov 2013

247.7

247.7

250.9

244.7

245.1

-2.6

3,665

Total

 

5,080

MARKET NEWS

* Japan’s Nikkei share average fell 1.7 percent and entered bear market territory on Friday, having plunged 20 percent from a 5-1/2 year high hit last month.

* U.S. oil steadied on Friday, holding on to most of its gains from the day before when it was bolstered by the weaker dollar and a steep drop in inventories.

DATA EVENTS

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

0600 Germany Trade data

0645 France Trade data

1000 Germany Industrial output

1230 U.S. Non-farm payrolls

1230 U.S. Unemployment rate

(Reporting by Yuka Obayashi; Editing by Aaron Sheldrick and Joseph Radford)

Source: Reuters

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