Tokyo rubber slips; Shanghai up

Tokyo rubber futures slipped on Thursday due to profit-taking but the benchmark price finished above a major support level at 375 yen per kg and that should help sentiment, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery fell 0.3 yen to settle at 376.0 yen ($4.76) per kg.
The most active rubber contract on Shanghai futures exchange for January delivery rose 380 yuan to finish at 35,380 yuan ($5,470) per tonne. "Oil prices stopped rising and were likely to become weaker and that was not a good sign for rubber futures," one dealer said.
TOCOM prices were also hit by profit-taking by speculators after a jump of 3.6 percent on Wednesday. Oil paused on Thursday on growing concern about the budget deficit and credit rating of top consumer the United States, putting the brakes on a rally sparked by the possibility of a new round of economic stimulus.