Tokyo rubber futures tumble 3.9 pct to 3-week low (May 30)

TOKYO, May 30 (Reuters) – Benchmark Tokyo rubber futures fell 3.9 percent to a three-week low on Thursday, as the yen firmed further against the dollar, triggering a commodities-wide selloff.

The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for November delivery fell 10.4 yen to settle at a session low of 257.0 yen ($2.55) per kg, the lowest intraday price since May 7.

Natural rubber prices in Asia are likely to decline to at least last year’s lows after major producers abandoned attempts to restrict supply and inventories remain near historical highs, Clyde Russell, Reuters market analyst, said on Thursday.

“All the commodities fell and prompted the funds to sell off,” said a Tokyo-based broker who declined to be identified. “With no supportive factors, rubber came under a strong pressure from a higher yen and the stock market’s weakness.”

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The Nikkei share average dived to a five-week low on Thursday as the yen firmed further against the dollar to a three-week low, triggering a market-wide selloff, and extending the benchmark’s losses to well over 14 percent since last Thursday’s plunge.

The most-active rubber contract on the Shanghai futures exchange for September delivery fell 365 yuan to finish at 18,835 yuan ($3,100) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for June delivery last traded at 238.00 U.S. cents per kg, down 5.0 cents.

TOCOM Rubber Futures Prices on Day Session Thursday, May 30, 2013 (yen/kilogram)

($1 = 6.1267 Chinese yuan)

($1 = 100.9150 Japanese yen) (Reporting by Osamu Tsukimori; Editing by Anand Basu)

Source: Reuters