Natural rubber futures in Tokyo fell more than one percent to a two-month low on speculation that a slowing U.S. economy may reduce demand for vehicles and tires.
Worries about sluggish economic growth have put downward pressure on rubber, despite a rise in crude oil prices. The rubber has fallen below the 324–yen level, which took to be a line of support, the next support line is likely to be around the 313–yen level.
Asian physical rubber prices fell on this day, pressured by a decline in Tokyo futures and an increase in physical supplies.
Tokyo Commodity Exchange:
Rubber for January 2009 delivery traded at 322 yen per kilogram, 3.8 yen down.
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