Aug 9: Tokyo futures extend decline to near 3-yr low

TOKYO, Aug 9 (Reuters) - Key TOCOM rubber futures extended declines on Thursday to hit their lowest level in nearly three years amid fears that upcoming Chinese economic data will be worse than earlier expected.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for January delivery was changing hands down 2.2 yen, or 1.0 percent, at 217.0 yen as of 0014 GMT. The benchmark contract earlier fell as far as 215.7 yen, the lowest since the 213.0 level hit on Oct. 19, 2009.

* China is due to release a slew of data on Thursday and Friday which is expected to show a modest economic recovery taking hold in July, but overall commodity imports are likely to fall for the second consecutive month.

* The International Rubber Study Group (IRSG) on Tuesday forecast global rubber consumption at 26.6 million tonnes in 2012, lower than its previous estimate of 26.8 million tonnes but up from 25.9 million tonnes in 2011.

Global demand for natural and synthetic rubber is likely to rise 4 percent year-on-year to 27.7 million tonnes in 2013 as consumers start rebuilding inventories, the group said.

MARKET NEWS

* The Standard & Poor's 500 just barely extended a streak of gains to a fourth day on Wednesday, ending above 1,400 in another thinly traded session.

Expectations for stimulus from the European Central Bank and the U.S. Federal Reserve triggered the recent gains, but investors found little reason to keep pushing stocks higher after driving the market to three-month highs.

* The euro edged lower against the dollar on Wednesday, pressured by soft German economic data.

* Oil futures turned mixed in late trading on Wednesday after leaping to three-month highs on U.S. government data showing a sharp drawdown in domestic crude stockpiles last week and amid worries about lower North Sea oil production.

* Japan's Nikkei share average inched up on Thursday morning as the momentum from a three-day rally petered out.

DATA EVENTS

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

- Japan BOJ rate decision

- 0800 ECB Monthly bulletin

- 1230 US International trade June

- 1230 US Initial jobless claims

- 1400 US Wholesale inventories June

- 1430 US EIA underground natural gas stocks

- OPEC Monthly Oil Market Report (Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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