TOCOM hits 7-month low on weak oil, strong yen

Benchmark TOCOM rubber futures fell 3 percent on Monday to their lowest in seven months, weighed down by weak oil prices and a stronger yen against the dollar.

FUNDAMENTALS

* The Tokyo Commodity Exchange rubber contract for November delivery had dropped 6.2 yen to 187.8 yen per kg by 0048 GMT, after touching its lowest since Nov. 9 at 186.5 yen.

* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.1 percent from the previous week, the bourse said on Friday.

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MARKET NEWS

* Crude closed down more than 1 percent on Friday for a second straight week of losses, on worries that U.S. President Donald Trump's withdrawal from the Parisclimate accord could accelerate U.S. production and flood the global oil market.

* The U.S. dollar was quoted around 110.41 yen, compared with about 111.59 yen on Friday afternoon.

* Japan's benchmark Nikkei stock average was down 0.1 percent.

* Nickel bounced off its weakest level in nearly a year on Friday while zinc hit a two-week low, pressured by weaker iron ore and oil prices as well as concern about demand in top consumer China.

DATA/EVENTS (GMT)

* The following data is expected on Monday: (Time in GMT)

- 0800 Euro Zone Markit Ser Final PMI May

- 1230 U.S. Labor Costs Revised Rev Q1

- 1230 U.S. Productivity Revised Rev Q1

- 1400 U.S. Markit Comp Final PMI May

- 1400 U.S. Employment Trends May

- 1400 U.S. Durable Goods R MM Apr

- 1400 U.S. Factory Orders MM Apr

- 1400 U.S. ISM N-Mfg PMI May