Key Tokyo rubber futures inched higher on Monday as sentiment improved with stabilising commodity markets, and investors found price levels attractive after a sell-off late last week. The benchmark TOCOM rubber futures for October delivery was up 1.4 yen, or 0.4 percent, at 362.5 yen per kg as of 0009 GMT.
Tokyo rubber futures dropped 6.6 percent on Friday on heavy stop-loss selling, triggered by a strengthening Japanese yen and weaker oil prices, while a broad sell-off in other commodities added to the downward pressure on prices, dealers said. On Friday, the October contract fell as much as 8 percent to an intra-day low of 353.2 yen, its lowest since March 16.
The most active Shanghai rubber futures contract for September delivery was down 90 yuan to settle at 30,290 yuan ($4,664.660) per tonne on Friday. Honda Motor Co said it has decided to market its Civic GX natural-gas-powered car in the United States, starting this fall, the Nikkei business daily said.
Japan's crude rubber inventories inched down 8 tonnes in the 10 days to April 20, Rubber Trade Association of Japan data showed on Friday. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 8.4 percent last week, the exchange said.
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