Rubber prices resumed the downtrend today. The prices fell on buyers resistance as the international indices were hit badly on heavy long liquidation.
Rubber futures in Tokyo commodity exchange edged down to a twenty one month low, on concern the global credit crisis is slowing economic growth and weakening demand for the raw material used to make car tires.
Sharp falls in Asian equities prices undermined sentiment in commodities, including rubber, as investors rushed to sell to avoid holding risk assets.
Asian physical rubber prices fell sharply on Monday, reflecting falls in Tokyo and China futures prices due to growing concerns over demand as the financial crisis hits the global economy. Most buyers were on the sidelines waiting for prices to fall further.
The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery went down by 16 yen, traded at 226.3 yen.
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