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Benchmark Tokyo rubber futures slid more than two percent to a near two-week low on Tuesday, giving up gains from the previous session, weighed down by lower oil prices and the yen's rise after the Bank of Japan kept monetary policy unchanged at its two-day meeting.
Rubber tends to track overall commodity markets, especially oil. Weaker crude oil encourages the use of synthetic rubber, a petroleum product, and dents the prices of natural rubber.
The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished down 3.9 yen, or 2.3 percent, at 167.7 yen ($1.48) per kg, erasing Monday's 1.6 percent increase.
The benchmark earlier dropped to 166.6 yen, the lowest since March 4.
"Rubber prices were hurt by slumping oil prices and stronger yen, but trade was thin as investors waited for policy decisions by key central banks," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 380 yuan to finish at 11,085 yuan ($1,703.26) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 121.2 US cents per kg, down 2.9 cent.
Oil prices fell around 2 percent on Tuesday, extending losses from the previous session as concerns took hold that a six-week recovery may have petered out due to ongoing oversupply.
"The TOCOM market seems to have no clear direction, but the benchmark is expected to test 164.5-164.6 yen in a short term, a middle point between a February low of 144.5 yen and a March's high of 184.6 yen," Kikukawa said.

Copyright Reuters, 2016

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