Tokyo rubber down; Shanghai up

Key Tokyo rubber futures settled down 1 percent on Thursday as a strong yen and weaker oil prices weighed on the market, with many investors taking a wait-and-see stance amid uncertainties in the US and European financial markets. The key Tokyo Commodity Exchange rubber contract for December delivery settled down 4 yen at 384.9 yen per kg
The most active Shanghai rubber contract for January delivery closed at 35,965 yuan per tonne, up from Wednesday's closing price of 35,870 yuan. Volume stood at 736,124 lots.
"The benchmark contract tested the 390 yen mark but lost steam after breaking resistance at 380 yen," said Naoki Asami, chief broker at trading house Kanetsu.
"There are no buying factors - the yen is strong, supply is increasing in producing countries and uncertainties in the US and European financial markets have kept investors sidelined."
Rains in southern Thailand, which produces around 90 percent of the country's annual production of 3.2 million tonnes, have stopped, allowing farmers to tap for more latex.