Tokyo rubber futures bounced back on Monday after falling more than 1 percent late last week, lifted by strong commodities prices and a weak yen. The key Tokyo Commodity Exchange rubber contract for November 2007 delivery traded at 266.5 yen a kg, up 1.0 yen or 0.4 percent from the previous close.
The benchmark most-distant April gold contract on the Tokyo Commodity Exchange was up 30 yen at 2,632 yen per gram, after New York gold futures settled near a one-week peak on Friday.
The dollar was steady at 123.42 yen, holding near a 4-1/2 year high of 123.66 yen hit on EBS on Friday. US oil prices hovered above $68 a barrel in Globes electronic trading on Monday, after rising 35 cents on Friday, when it hit an intrude nine-month high, as dealers worried over supplies ahead of peak US summer gasoline demand.
Crude rubber stocks held at Japanese warehouses fell to a five-month low of 16,717 tonnes as of June 10, down 4.2 percent from 17,458 tonnes on May 31, when the previous data was taken, the Rubber Trade Association of Japan said on Friday. The benchmark Tokyo rubber futures contract could fall to 275 yen a kg by the end of this month on rising supplies, a Reuter's poll of analysts and dealers showed on Friday. This compares with 280.8 yen at the end of May.
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