Key TOCOM rubber futures edged down on Thursday, reversing earlier gains to a two-month high, as a fall in gold prices on fading hopes of further monetary easing dragged down other commodities and prompted investors to lock in profits. While ample stocks in China, the world's biggest rubber consumer, have curbed price gains, speculative buying could prop up the TOCOM market if a key technical ceiling of 275 yen is cleared, traders said.
The most-active Tokyo Commodity Exchange rubber contract for May delivery settled down 0.5 yen or 0.2 percent at 271.5 yen per kg. The contract had earlier risen as high as 274.8 yen, the highest since October 5, when a then-benchmark contract hit a high of 275.5 yen, the highest level since May 23. The most active Shanghai rubber contract for May delivery closed down 100 yuan at 24,675 yuan per tonne. The front-month January contract on the SICOM in Singapore was last traded at 285 US cents per kg, down 1.1 cents.
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