Tokyo rubber futures lower

Tokyo (december 08, 2010) : tokyo rubber futures edged lower on tuesday after the yen's rise to a three-week high prompted profit-taking. the key tokyo commodity exchange rubbercontract for may delivery settled down 0.5 percent or 1.8 yen to 376.2 yen per kg. earlier, the contract fell as much as 1.4 percent to 372.8 yen as investors took profits following a rise in rubber prices to a three-week high on monday.
the most active shanghai rubber futures for may delivery rose 390 yuan to close at 33,225 yuan ($4,997) per tonne. volume stayed relatively low at 683,698 lots. the shanghai mayrubber futures hit a record high on november 11 of 38,920 yuan, pulling the benchmark tocom rubber futures to a 30-year high of 383 yen the same day, which was just a tad below a record high 388.9 yen hit in february 1980. shanghai futures then plunged to a low just below 30,000 yuan on november 30.
asian physical rubber prices firmed on tuesday as tight supply blamed on persistent rains helped the market defy declines in tokyo futures. japan's crude rubber inventories totalled 7,375 tonnes as of november 20, down 2.3 percent from 10 days earlier, rubber trade association of japan data showed on tuesday.