BANGKOK, May 7 - Tokyo rubber futures tumbled 7 percent to a five-month low on Friday as investors continued to unwind long positions, with lower oil prices adding to the downward pressure, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for October delivery fell 17 yen to settle at 262.6 yen ($2.89) per kg. It touched 259.5 yen, the lowest since Dec. 16.
* "Concern over the euro debt crisis will stay in financial markets for a while and players will continue to sell as they don't want to take any risk," one dealer said.
* Oil fell below $77 a barrel on Friday in reaction to a growing sovereign debt crisis in Europe and bearish global growth prospects. [O/R]
* Dealers said they expected prices to fall further but higher demand in the physical market after a recent drop in prices should lend some support; 250 yen is seen as strong technical support. ($1=90.77 Yen)
(news.alibaba.com)
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