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RUBBER-Tokyo futures slide to 3-week low in light trade

TOKYO, May 30 (Reuters) - Benchmark TOCOM rubber futures slid to a 3-week low on Tuesday, pressured by selling of the nearest-month contract on position adjustments, but trading was light as Chinese markets remained shut for a public holiday. 

 

FUNDAMENTALS 

* The Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery JRUc6 0#2JRU: was down 4.2 yen, or 2.0 percent, at 208.8 yen ($1.90) per kg as of 0036 GMT, after touching the lowest since May 9 of 206.7 yen. RUB/T 

* The TOCOM contract for June delivery JRUM7 plunged 12.8 yen to 250.1 yen per kg. 

* Rubber inventories at TOCOM warehouses JRU-WRHSTX-TOT as of May 20 stood at 1,290 tonnes, down from 1,430 tonnes on May 10 and down 85 percent from a year earlier, according to the exchange's latest report. 

* For the top stories in the rubber market and other news, click TOP/CE or RUB/T 

 

MARKET NEWS 

* Oil prices rose slightly on Monday, barely paring last week's steep losses with the market remaining cautious as increases in U.S. drilling activity have undercut an OPEC-led push to tighten supply. O/R 

* The U.S. dollar, which struggled last week in the face of receding expectations for a major boost for growth from the Trump administration, was roughly steady at around 111.20 yen JPY= on Tuesday. USD/ 

* Japan's benchmark Nikkei stock average .N225 inched down in early Tuesday trade. MKTS/GLOB 

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