Natural rubber futures in Tokyo commodity exchange fell four percent on Friday, extending its fall into a third session as declines in oil prices fuelled concerns about demand for the industrial commodity.
Rubber prices often move in the line with oil prices as both markets are sensitive to demand from automobile users.
Trade in Tokyo rubber market remained directionless, with investors moving from one side to another mainly due to continued volatility in other financial markets.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery went down by 1.3 yen, traded at 177.6 yen.
Japan's benchmark Nikkei share average .N225 fell more than 6 percent on Friday.
In a report Business standard said that the rubber prices may soften more on production rise, the increased production may trouble the situation of rubber market since the domestic stock had risen to 144450 tonne by the end of this October from 104258 tonne during October last. For details…
On New York Mercantile Exchange, light sweet crude for December fell dropped 4.53 dollars a barrel to close 60.77 dollars, its lowest level since March 2007.
The international Energy Agency said Wednesday that it expected the price of oil to rebound above 100 dollars and eventually reach 200 dollars by 2030. In a report on global energy outlook, the agency said it predicted the price to average 100 dollars from 2008 to 2015.
Gold for December delivery fell $10.20 to end at $732.20 an ounce on NYMEX. Gold is now 27 percent lower than the record high above $1,000 hit in March.
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