Tokyo rubber lower

Benchmark Tokyo rubber futures edged down on Monday, reversing 1-percent gains chalked up earlier in the session, as weaker oil prices dragged, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange, for August delivery, dropped 0.2 yen to settle at 283.9 yen ($3.04) per kg. "Investors sold contracts after prices failed to break above major resistance at 290 yen and weaker oil prices also weighed," said a Bangkok-based dealer.
Dealers said TOCOM prices were likely to be trapped in a narrow range of 280 to 290 yen as there were no positive factors to support a significant rise. The most-active rubber contract on the Shanghai Futures Exchange for September delivery declined 30 yuan to settle at 23,935 yuan ($3,800) per tonne. The front-month April rubber contract on Singapore's SICOM exchange was last traded at 283 US cents per kg, down 2.5 cents.