TOKYO (Oct 30): Benchmark Tokyo rubber futures fell 2.4% to their lowest settlement in nearly two weeks on Monday, erasing early gains on weak Shanghai futures, brokers said.
The Tokyo Commodity Exchange rubber contract for April delivery finished down 4.9 yen at 195.6 yen (US$1.72) per kg, the lowest close since Oct. 17.
Rubber prices have been hovering near multi-month lows hit earlier this month as robust supplies and worries over sluggish demand weighed.
Vietnam’s estimated rubber exports rose 8.2% in January-October from a year earlier to 1,075,683 tonnes, the government said on Sunday.
Goodyear Tire & Rubber Co, the largest US tyre maker, lowered its full-year forecast for the third time this year, amid weak demand and higher costs of raw materials such as rubber and oil.
The most-active rubber contract on the Shanghai futures exchange for January delivery fell 140 yuan to finish at 13,285 yuan (US$1,999) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for November delivery last traded at 140.20 US cents per kg, down 0.8 cents.
(US$1 = 113.6700 yen)
(US$1 = 6.6448 Chinese yuan)
