TOKYO, May 13 (Reuters) - Key Tokyo rubber futures hit a
two-month high on Monday as the yen weakened to a 4-1/2 year low
against the dollar and as gains in equity prices buoyed
sentiment.
FUNDAMENTALS
* The key Tokyo Commodity Exchange (TOCOM) rubber contract
for October delivery was changing hands 0.7
percent higher at 295.5 yen per kg as of 0023 GMT.
* The October contract earlier gained to 299 yen, the
highest for any TOCOM benchmark since March 12.
* China, the world's biggest rubber consumer, is set to
release industrial output data and other economic figures later
in the day.
* Economists caution against reading too much into an
anticipated rise in Chinese industrial production in April. They
say the gain would mainly reflect two more working days in April
this year than in 2012.
* Group of Seven finance officials agreed on Saturday to
redouble efforts to deal with failing banks and gave a green
light to Japan's drive to galvanise its economy.
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MARKET NEWS
* Japan's Nikkei share average surged to a fresh
5-1/2 year high on Monday as the weakening yen further bolstered
exporters, with the mood already underpinned by U.S. stocks
scoring yet another record high last week.
* The dollar on Monday hit a 4-1/2-year peak against the yen
on the back of growing confidence in the U.S. economy.
* U.S. crude futures slipped in early Asian trade on Monday
on worries of a slowdown in demand growth as a slew of data from
the world's top consumer the United States may point to slower
growth early in the second quarter.
DATA EVENTS
* The following data is expected on Monday: (Time in GMT)
0530 China Industrial output
0530 China Retail sales
0530 China Urban investment
1230 U.S.
Retail sales
1400 U.S.
Business inventories
(Reporting by Risa Maeda; Editing by Joseph Radford)
