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Tokyo rubber futures extend decline, follow Shanghai lower on Syria fears

TOKYO, Aug 29 (Reuters) – Key TOCOM rubber futures extended declines on Thursday, following the Shanghai contract lower on fears that geopolitical tensions in Syria could sap confidence in the global economy.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for February delivery was changing hands 0.1 yen lower at 274.0 yen as of 0108 GMT.

* The safe-haven yen on Thursday trimmed some of the recent chunky gains that had taken it to three-week highs against the dollar, helping to rein in Tokyo rubber’s losses.

* The most-active rubber contract on the Shanghai Futures Exchange for January delivery traded down 1.9 percent at 20,225 yuan per tonne.

* President Barack Obama vowed on Wednesday that the Syrian government would face “international consequences” for last week’s deadly chemical attack, but made clear any military response would be limited to avoid dragging the United States into another war in the Middle East.

TOCOM Rubber Futures Prices on Thursday, August 29, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Sep 2013

265.0

262.4

262.5

260.0

262.5

-2.5

9

Oct 2013

265.1

262.2

265.2

261.2

263.1

-2.0

53

Nov 2013

266.6

264.3

267.1

263.0

264.3

-2.3

42

Dec 2013

268.9

267.2

270.1

264.3

266.6

-2.3

361

Jan 2014

272.0

270.1

273.5

268.9

270.3

-1.7

2,532

Feb 2014

274.1

272.5

275.7

271.0

272.5

-1.6

4,032

Total

 

7,029

MARKET NEWS

* U.S. oil slipped toward $109 a barrel on Thursday after crude stockpiles in the United States rose more than expected, but rising tensions in the Middle East kept prices near a 2-year high.

* Japan’s benchmark Nikkei average opened up 0.33 percent at 13,382.95 on Thursday, while the broader Topix gained 0.07 percent to 1,114.80.

DATA EVENTS

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

– 0755 Germany Unemployment rate

– 0800 Italy Consumer confidence

– 1200 Germany Consumer inflation

– 1230 U.S.

Q2 GDP

– 1230 U.S.

Weekly jobless claims

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

Source: Reuters

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