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Tokyo rubber futures edge lower amid high inventories

TOKYO, July 14 (Reuters) – Key TOCOM rubber futures edgedlower on Monday after posting the sharpest weekly fall in almostsix months on Friday amid concerns about high rubberinventories.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract forDecember delivery was changing hands 0.8 yenlower at 200.5 yen as of 0038 GMT.

High rubber inventories could drag the market lower thisweek, dealers said.

* Rubber inventories in warehouses monitored by the ShanghaiFutures Exchange rose 1.8 percent from last Friday, the exchangesaid on Friday.

MARKET NEWS

* U.S. stocks managed to score modest gains on Friday, butthe S&P 500 posted its biggest weekly drop since April asinvestors showed only mild enthusiasm after getting their firstglimpses of earnings.

* The dollar, euro and yen started trade on Monday prettymuch where they closed last week with investors awaiting pivotalevents including Federal Reserve Chair Janet Yellen’scongressional testimony.

* U.S. crude futures edged up towards $101 a barrel onMonday as worries intensified over disruptions to supply in theMiddle East and North Africa.

* Japan’s Nikkei average was up 0.16 percent on Monday afterdropping for the fifth day in a row to a 1-1/2-week low onFriday as concern about the financial health of Portugal’s toplisted bank turned investors risk-averse.

DATA EVENTS

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

– 0900 Euro zone Industrial production May (Reporting by Osamu Tsukimori; Editing by Michael Perry)

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