Rubber drops

Benchmark TOCOM rubber futures dropped for a third straight session on Friday, ending the week with a 0.3 percent decline, as the Shanghai market tumbled to its lowest in nearly six years amid worries about excess supplies. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for February delivery fell 2.1 yen, or 1.1 percent, to settle at 197.7 yen ($1.87) per kg.
The most-active rubber contract on the Shanghai futures exchange for January delivery tumbled 365 yuan to finish at 14,100 yuan ($2,296) per tonne. It fell as low as 14,005 yuan during the session, the lowest intraday level since December 2008. "The decline in the Shanghai market was due to worries about weak demand in China and oversupply," Kikukawa said. The front-month rubber contract on Singapore's SICOM exchange for October delivery was last traded at 161.00 US cents per kg, down 1.80 cents.