Tokyo rubber futures lower

Key Tokyo rubber futures contract ended lower on Monday, retreating from a fresh 5-month high as profit-taking set in while weak oil prices weighed, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery fell 0.2 yen to settle at 315.6 yen ($3.79) per kg.
It rose to an intra-day high of 318.2 yen per kg, the highest since April 26, before succumbing to profit-taking, dealers said. "TOCOM lack of momentum to rise further as sentiment become poor due to weak oil prices encouraged players to take profit to avoid risk," a Japanese dealer said.
Oil edged lower on Monday but stayed above $81 a barrel, near its highest levels in almost two months, helped as the dollar stayed near a six-month low against the euro. Dealers said they expected TOCOM prices to rise further on Tuesday after prices finished above the key resistance of 300 yen. However, the strong Japanese yen could limited rises.