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Tokyo rubber futures pare Monday’s gains on strong yen

TOKYO, June 21 (Reuters) – Benchmark TOCOM rubber futures fell on Tuesday, paring strong gains in the previous session amid a stronger yen and weaker oil prices.

FUNDAMENTALS

The Tokyo Commodity Exchange rubber contract for November delivery JRUc6 0#2JRU: was down 1 yen to 154.9 yen per kg by 0043 GMT, after settling up 5.4 yen at its highest close since June 8 on Monday.

MARKET NEWS

The U.S. dollar was quoted near a two-year low of 103.82 yen JPY= , compared with 104.66 yen on Monday afternoon. FRX/ A stronger yen makes Japanese currency-denominated assets more expensive when purchased in other currencies.

Japan’s benchmark Nikkei stock average .N225 was down 1.1 percent. MKTS/GLOB

Copper and other base metals extended gains on Monday as concern that Britain might leave the European Union eased and nickel hit a six-week peak on concern about top supplier Philippines.

Oil prices rose 3 percent on Monday, settling higher for a second straight day, after polls showing a lower likelihood of Britain leaving the European Union while U.S.gasoline surged 5 percent in anticipation of peak summer driving demand.

DATA/EVENTS (GMT)

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

0900 Germany ZEW economic sentiment Jun

1255 U.S. Weekly Redbook retail sales

(Reporting by Osamu Tsukimori; Editing by Michael Perry)

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