Key Tokyo rubber futures fell 2 percent to near 160 yen on Friday, erasing earlier gains after traders factored in a fire at a Thai rubber factory this week. A fire at a Thai rubber factory east of Bangkok owned by Thai Hua PCL, the nation's third-largest rubber producer, has damaged tonnes of smoked rubber sheet, police said on Thursday, but traders said there would be little impact on the market.
He added that TOCOM rubber had been unable to retain its gains due to a lack of fresh news distinct to the commodity. It earlier fell to a low of 162.6 yen, down about 2 percent. US crude oil futures paused below $59 a barrel as investors weighed stronger equities, a steady dollar and a gloomy demand forecast by the International Energy Agency.
The world's top three rubber producers could revise down planned export cuts at a meeting in June because prices have risen along with demand, senior officials said on Thursday. US stocks rose on Thursday as investors returned to financial and technology shares on bets the recent rally could have more room to grow after a brief pullback. Japan's Nikkei share average rose 1.7 percent on Friday as machinery shares gained after data showed orders fell less than expected in March.
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