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Tokyo rubber futures jump 3 pct, helped by low inventories

TOKYO, Aug 26 (Reuters) – Key TOCOM rubber futures rose more than 3 percent on Monday, extending gains to hit a three-month high, supported by industry data showing that rubber inventories in Japan fell to the lowest in seven months.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for January delivery traded 6.9 yen higher at 276.3 yen as of 0030 GMT. The benchmark contract rose as much as 3.2 percent to 278.0 yen, the highest since May 23.

* Crude rubber inventories at Japanese ports stood at 7,571 tonnes as of Aug. 10, the lowest since Jan. 20, data from the Rubber Trade Association of Japan showed on Friday

TOCOM Rubber Futures Price on Monday, August 26, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Aug 2013

258.5

258.0

261.3

258.0

259.1

+0.6

131

Sep 2013

261.1

264.2

268.5

262.2

268.5

+7.4

15

Oct 2013

263.1

264.6

270.3

264.5

270.3

+7.2

72

Nov 2013

264.7

266.0

271.8

265.3

271.8

+7.1

105

Dec 2013

266.4

268.5

275.3

267.6

273.8

+7.4

182

Jan 2014

269.4

271.0

278.0

269.9

276.5

+7.1

2,949

Total

 

3,454

MARKET NEWS

* U.S. stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

* The dollar was broadly steady against its major counterparts in Asia on Monday and near enough to some long-lasting support levels that the decline of the past few weeks suggests a rebound is probably on the cards.

* U.S. crude rose toward $107 a barrel on Monday, extending Friday’s gain of more than $1 after gasoline prices surged on refinery outages in the United States and on simmering geopolitical tensions in the Middle East.

* Japan’s benchmark Nikkei average opened up 0.43 percent at 13,719.56 on Monday, while the broader Topix gained 0.37 percent to 1,145.91.

DATA EVENTS

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

– 1230 U.S. Durable goods orders

– 1430 U.S. Dallas Fed Texas manufacturing index

(Reporting by Osamu Tsukimori; Editing by Ed Davies)

Source: Reuters

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