Tokyo rubber tumbles

Tokyo rubber futures tumbled more than 5 percent to their lowest in two weeks as disappointing Chinese economic data encouraged investors to liquidate contracts, while a firmer yen added to the pressure on prices, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for October delivery fell 15.3 yen to settle at 275.0 yen ($2.66) per kg.
Intraday, it fell as much as 16 yen, or 5.5 percent, to 274.3 yen per kg, the lowest since May 9. However, dealers said TOCOM prices could rebound on Friday after finishing above a major support level of 275 yen per kg. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 1,070 yuan to finish at 19,390 yuan ($3,200) per tonne. The front-month June rubber contract on Singapore's SICOM exchange was last traded at 246.5 US dollar per kg, down 11.1 cents.