Tokyo and Shanghai rubber fall

Key Tokyo rubber futures tumbled as much as 3.6 percent on Friday with investors said to be closing long positions as uncertainties about the eurozone debt crisis, which pushed down equity, oil and other commodity markets. The key Tokyo Commodity Exchange rubber contract for May delivery settled down 10.1 yen or 3.5 percent at 280.9 yen, near the day's low of 280.6 yen.
The most active Shanghai rubber contract for May delivery fell 2 percent to close at 26,085 yuan ($4,100) per tonne. Volume stood at 858,258 lots. "The market should be steady if EU leaders find some kind of solution to the ongoing debt problems, as bullish factors abound," said Kazuhiko Saito, chief commodities analyst at trading house Fujitomi. He cited growing car output in the United States, higher demand for replacement tyres in Asia and a seasonal decline in supply after the turn of the year.