Tokyo rubber futures hit a one-week high before reversing the gains to close lower on Wednesday as higher crude oil prices spurred profit-taking. The key Tokyo Commodity Exchange rubber contract for December delivery closed at 263.5 yen per kg, down 1 yen from the previous close.
It earlier rose to 266.8 yen, its highest since July 14. The front-month July contract rose 7.6 yen to 352.0 yen on position adjustments as next week's expiry approached. Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed US inventories and disappointing housing data.
The yen firmed 0.3 percent against the dollar but below a seven-month high hit on Friday. BHP Billiton, the world's biggest mining house, reported a 16 percent jump in quarterly iron ore output on Wednesday, taking annual production to a record, but cautioned over uncertainties surrounding the short-term outlook for commodities markets.
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