Tokyo rubber tumbles

Tokyo rubber futures tumbled nearly 5 percent to a 3-month low on Monday as weaker stock markets and falling oil prices weighed on sentiment, dealers said. However, TOCOM prices were likely to rebound on Tuesday after finding strong support at 270 yen, they added.
The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 12.0 yen to settle at 270.9 yen ($2.85) per kg. It fell as much as 13.4 yen, or 4.7 percent, to an intra-day low of 269.5 yen, the lowest since December 14, 2012. The most-active rubber contract on the Shanghai futures exchange for September delivery ended down 850 yuan at 22,260 yuan ($3,600) per tonne, after hitting a limit-low at 21,800 yuan during the session. The front-month April contract on Singapore's SICOM exchange was last traded at 271 cents per kg, down 6.5 cents.