TOKYO, May 14 (Reuters) – Key Tokyo rubber futures dropped nearly 3 percent on Friday, pressured by a firmer yen and falls in oil prices, erasing much of the previous day’s gains.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for October delivery fell 7.2 yen or 2.7 percent to settle at 262.2 yen per kg.
* The benchmark contract ended the week almost flat, after falling as low as 255.8 yen earlier in the week, the lowest for any benchmark since Dec. 16.
* On Thursday, bargain-hunting, inspired by optimism about demand after gains in stock markets, helped the contract to rise 2.7 percent by the close, marking its biggest percentage gain in three weeks.
* U.S. crude oil tumbled to a three-month low below $74 on Friday on concerns that the European debt crisis would curb global growth and energy demand. [O/R]
* The euro held within half a U.S. cent of 14-month lows on Friday as concerns intensified that fiscal austerity measures in the euro zone would dampen a fragile recovery and spark social unrest. [USD/]
* The dollar was steady around 92.70 yen , off a one-week high marked on Thursday.
* Japan’s Nikkei stock average <.N225> lost 1.5 percent on Friday, hit by a disappointing profit outlook from Sony Corp <6758.T>. [.T]
* U.S. stocks fell on Thursday as downbeat comments on the economy from tech company Cisco Systems Inc and retail chain Kohl’s Corp cast doubt on the strength of the U.S. recovery. [.N]

Source: Reuters

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