Key TOCOM rubber futures fell on Friday to hit their lowest close in almost three months and post a sixth straight week of declines after China's growth data came in weaker than expected and overshadowed optimism over demand. Rubber broke below a key support level of 310 yen the previous day, prompting light bargain-hunting in early trade.
"China's GDP data came in weaker than expected and together with the absence of buyers in Thailand due to a holiday, the market was pulled down closer to 300 yen," said Hiroyuki Kikukawa, general manager at trading company Nihon Unicom. The key Tokyo Commodity Exchange rubber contract for September delivery settled down 4 yen, or 1.3 percent, at 309.4 yen per kg, the lowest close since January 23, after falling as low as 308.50 yen. The contract fell 5.4 percent on the week, the biggest weekly percentage loss since the last week of 2011. The most active Shanghai rubber contract for September delivery fell 190 yuan to 26,655 yuan per tonne.