TOKYO, July 31 (Reuters) - Benchmark TOCOM rubber futures rose on Monday after touching their lowest in nearly two weeks in the night session, buoyed by firm oil prices.
FUNDAMENTALS
* The Tokyo Commodity Exchange rubber contract for January delivery had climbed 1.5 yen to 206 yen ($1.87) per kg by 0039 GMT, after touching 203 yen in the night session, its lowest since July 19.
* Rubber inventories in warehouses monitored by the Shanghai Futures Exchange grew 0.8 percent from the previous week, the bourse said on Friday.
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MARKET NEWS
* Oil prices rose to their highest levels since May early on Monday as a dip in U.S. output tightened the market and the threat of sanctions against Venezuela kept traders on edge.
* The U.S. dollar was quoted around 110.53 yen, compared with around 111.07 yen on Friday afternoon.
* Japan's benchmark Nikkei stock average was little changed.
* Nickel prices hit a 3-1/2 month peak on Friday as investors shifted from zinc after a build-up in zinc inventories indicated that shortages had eased
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