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Benchmark Tokyo rubber futures skidded on Friday, hit by profit-taking after a slide in Shanghai futures and ahead of Greece's referendum on Sunday, and the contract marked a fifth straight weekly loss amid nagging worries about a supply glut. The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery finished 1.9 yen, or 0.9 percent, lower at 219.2 yen ($1.78) per kg. It ended the week down 2.9 percent, with the decline over the past five weeks totalling more than 9 percent.
TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have lost more than 10 percent since hitting a 16-month high in early June, weighed down by concerns about slack demand in China, the world's top consumer and an increased supply after the wintering season in Southeast Asia. The most-active rubber contract on the Shanghai futures exchange for September delivery slid 45 yuan to finish at 13,215 yuan ($2,129.84) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 152.0 US cents per kg, down 0.1 cent. "Overall sentiment was weak because of oversupply in Asia and pressure on Shanghai rubber futures in the wake of slumping stock prices in China," a Tokyo-based dealer, who declined to be named, said.
China stocks slumped again on Friday, taking their three-week tumble to nearly 30 percent and wiping out most of this year's gains. "Investors are worried about the impact of a plunging Chinese equity market as well as its weakening economy," the dealer said. "TOCOM prices will gradually head lower again next week," he said, adding that all eyes are also on the Greek default crisis. Supporters of Greece's bailout terms have taken a wafer-thin lead over the "No" vote backed by the leftist government, 48 hours before a referendum that may determine the country's future in the euro zone, a poll showed.

Copyright Reuters, 2015

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