By Aya Takada
Sept. 3 (Bloomberg) -- Rubber declined for a second day on concern rising unemployment may slow a global economic recovery and curb raw material consumption.
Futures in Tokyo lost as much as 1.1 percent. Most Asian stocks fell, led by automakers and electronic companies, after a survey by ADP Employer Services showed U.S. businesses reduced payrolls by 298,000 in August, while economists had forecast a drop of 250,000.
“U.S. data dimmed the outlook for an economic recovery, spurring sales of commodities,” Kazuhiko Saito, chief analyst at Tokyo-based commodity broker Fujitomi Co., said by phone.
February-delivery rubber lost as much as 2.2 yen to 197.3 yen a kilogram ($2,141 a metric ton) before trading at 198.8 yen on the Tokyo Commodity Exchange at 10:50 a.m. local time.
The MSCI Asia Pacific Index dropped 0.1 percent to 112.29 as of 10:52 a.m. Tokyo time. The Standard & Poor’s 500 Index lost 0.3 percent yesterday, a fourth-consecutive decline, as the Federal Reserve’s August meeting showed policy makers were concerned about the pace of a likely economic recovery.
Rubber futures also slumped after the Japanese currency advanced against the dollar, reducing the appeal of yen-based contracts for the commodity traded globally in dollars.
The yen appreciated to as much as 92.11 per dollar yesterday, a level not seen since July 13. Japan’s currency also gained to a seven-week high versus the euro.
January-delivery rubber on the Shanghai Futures Exchange added 0.9 percent to 17,660 yuan ($2,585) a ton at 9:53 a.m. local time.
To contact the reporter on this story: Aya Takada in Tokyo atakada2@bloomberg.net
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