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Key Tokyo rubber futures fell on Monday to settle at their lowest level in more than a month, as sentiment was weighed down by a drop in oil prices, offsetting the positive impact from a weaker yen. The key Tokyo Commodity Exchange rubber contract for August delivery fell 7.1 yen or more than 2 percent to settle at 281.5 yen per kg, its lowest settlement since 276.5 yen on February 10.
Sentiment weakened after prices finished below the key psychological level of 290 yen per kg, dealers said. Asian physical rubber prices were slightly lower on Monday, tracking falls in TOCOM futures contracts. Oil extended losses to below $81 a barrel earlier on Monday before steadying above $81 later in the day.
Oil slipped more than 1 percent the previous business day when data showed a drop in US consumer confidence, reigniting investor concerns about energy demand in the world's largest oil consumer. The euro fell 0.2 percent against the dollar on Monday, sliding from a one-month peak hit on Friday when investors pared back large bearish bets on the single currency following strong euro zone economic data.
The US currency was up 0.1 percent against the yen. A weaker yen usually helps improve sentiment for yen-priced rubber futures as it inflates their value. Deliverable rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.9 percent in the week ended Thursday, the exchange said on Friday. Nissan Motor launched its much-awaited, low-cost compact car in Thailand on Friday, aiming to become a major force in the fast-growing segment with a global sales target of 1 million units a year by 2013.

Copyright Reuters, 2010

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