Tokyo rubber futures dip, head for worst month since Sept

Thursday, 31 May 2012 01:17 - - {{hitsCtrl.values.hits}}

TOKYO, (Reuters): The most actively traded Tokyo Commodity Exchange rubber futures edged down on Wednesday, snapping a three-day gain en route for their worst monthly performance since September as investors stayed cautious about the euro zone’s debt woes.

But the declines were limited by hopes for China’s economic stimulus measures aimed at countering an expected fall in exports and by the late trade paring of falls in Shanghai rubber futures, helped by the yuan’s depreciation against the dollar.

The most active TOCOM rubber contract for November delivery settled down 0.2 yen at 271.7 yen per kg after falling as low as 265.8 yen, slightly above a 4-1/2 month low of 259.1 yen marked last week.

The TOCOM market has fallen about 14 percent so far this month, compared with a decline of 17.2 percent last September.

The most active Shanghai rubber contract for September delivery closed down 120 yuan at 24,350 yuan per tonne. The contract earlier fell as low as 24,230 yuan.

The front-month June rubber contract on the SICOM in Singapore was last traded at 320 US cents per kg, down 4.3 cents.