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Tokyo rubber futures hit 1-month low on low oil price

TOKYO, May 10 (Reuters) – Benchmark TOCOM rubber futures hit a one-month low on Tuesday, dragged down by an overnight fall in crude prices, although declines were limited by a weaker yen against the dollar.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for October delivery JRUc6 0#2JRU: fell 1 yen to 179.7 yen per kg by 0028 GMT, marking a sixth-straight day of losses.

The contract earlier fell to 179.6 yen, the lowest since April 11.

Rubber has fallen more than 12 percent since hitting a nine-month high on April 27, in line with a broad-based commodities pullback on worries over China demand.

MARKET NEWS

The U.S. dollar was quoted around 108.36 yen JPY= , compared with around 107.65 yen on Monday afternoon. FRX/

Japan’s benchmark Nikkei stock average .N225 was up 0.4 percent. MKTS/GLOB

Copper hit its lowest in nearly a month on Monday as weak trade data from top consumer China highlighted poor demand growth prospects and the dollar rose after a Fed official kept rate hike expectations intact.

Oil prices tumbled on Monday on expectations that U.S. crude inventories would again build to record highs, taking the market’s focus off swooning Canadian oil output due to raging wildfires.

DATA/EVENTS (GMT)

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

0130 China Consumer prices Apr

0130 China Producer prices Apr

0600 Germany Industrial output Mar

0600 Germany Trade balance Mar

0645 France Industrial output Mar

1000 U.S. NFIB business optimism Apr

1400 U.S. Wholesale inventories Mar

(Reporting by Osamu Tsukimori; Editing by Richard Pullin)

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