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 TOCOM Rubber Up 2.8 Pct As Oil Prices Rebound (07Nov2008)

BANGKOK, Nov 7 (Reuters) - Tokyo rubber futures ended 2,8 percent higher on Friday, bouncing back from early losses due to speculative buying, fuelled by a recovery in oil prices.

* The benchmark April 2009 contract on the Tokyo Commodity Exchange <0#JRU:> rose 5.0 yen, or 2.8 percent, to settle at 183.9 yen ($1.89) per kg.

* Oil rebounded from a 20-month low to hover above $61 a barrel on Friday, although the gloomy economic outlook is likely to weigh on near-term energy demand. 

* Rubber prices often move in line with oil as both markets are sensitive to demand from automobile users.

* Toyota Motor Corp <7203.T> more than halved its profit forecast, saying annual net earnings would plunge to a nine-year low as the financial crisis batters demand for its cars, cuts access to credit and sends the yen higher. [ID:nT27754]

* Trade in the Tokyo rubber market remained volatile, with investor sentiment at the mercy of wild swings in other financial markets.

* Japan's benchmark Nikkei share average <.N225> fell 3.5 percent on Friday, adding to the pressure on TOCOM futures.[.T]

* On the physical front, rubber prices were lower after early falls on TOCOM and trade remained thin.

 

PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH THURSDAY

Grade                                Price         Change

Thai RSS3 (Dec)                     $1.80/kg      -$0.15

Thai RSS3 (Jan)                     $1.80/kg      -$0.15

Thai STR20 (Dec)                    $1.78/kg      -$0.12

Thai STR20 (Jan)                    $1.78/kg      -$0.12

Malaysia SMR20 (Dec)                $1.80/kg      -$0.05

Malaysia SMR20 (Jan)                $1.80/kg      -$0.05

Indonesia SIR20 (Dec)               $0.80/lb      -$0.04

Indonesia SIR20 (Jan)               $0.80/lb      -$0.04

Thai USS3                           58 baht/kg    - 2 baht

Thai 60-percent latex (drums, Dec)  $1,400/tonne  -$100

Thai 60-percent latex (bulk, Dec)   $1,400/tonne  -$100

($1=35.02 baht)

($1=97.65 Yen)

(Reporting by Risa Maeda and Apornrath Phoonphongphiphat; Editing by Alan Raybould)