TOKYO: Benchmark TOCOM rubber futures fell for a second straight day as the stronger yen continued to pressure the soft commodity contract, with trading volumes thin during the summer lull.
The key Tokyo Commodity Exchange rubber contract for January delivery was trading down 0.4 percent at 244.8 yen per kg at 0024 GMT, after settling 0.9 percent lower on Monday.
The yen was quoted around 98.05 yen to the dollar in early Asian trade on Tuesday, adding to overnight gains as investors unwind bearish yen bets in thin trade.
Business activity across emerging economies shrank for the first time in over four years in July, driven mainly by a drop in manufacturing while services activity stagnated, an HSBC survey showed on Tuesday.
Japan’s benchmark Nikkei stock average dropped 1.1 percent amid weaker sentiment for Japanese exporters as the stronger yen hurts their earnings when overseas profits are repatriated.
Source: Commodity Online
