Tokyo rubber futures slipped on Tuesday as selling gained momentum on a decline in crude oil prices and a firm yen. Benchmark rubber for May 2008 delivery, which debuted on Tuesday, was trading at 275.6 yen per kg on the Tokyo Commodity Exchange, compared with the price of 275.3 yen.
The April contract, the previous benchmark, closed up 3.6 yen at 277.5 yen on Monday. United States crude oil futures extended losses to fall below $97 a barrel on Tuesday as traders shifted to selling on a slump on Wall Street and indications that Opec might move to increase production at next week's meeting.
The Nymex crude benchmark contract was trading at $96.93, down 77 cents, on the Globex electronic trading platform. Iran's oil minister said at the weekend that some Opec members were in favour of increasing output at its policy meeting on December 5.
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