TOKYO: Key Tokyo rubber futures slipped on Thursday after moving in a narrow range, with investors sidelined ahead of key events in Europe, including an EU leaders' summit to deal with the debt crisis.
The key Tokyo Commodity Exchange rubber contract for May delivery settled down 0.6 yen or 0.2 percent at 291 yen, after moving between 292.6 yen and 288.2 yen.
The most active Shanghai rubber contract for May delivery fell 0.4 percent to close at 26,615 yuan per tonne. Volume stood at 808,000 lots.
"As in oil and other commodities, investors took a wait-and-see stance ahead of the key events in Europe," said Hiroyuki Kikukawa, general manager at trading house Nihon Unicom Inc.
"Profit-taking also emerged and capped gains after worries of a supply shortage, governments' possible intervention and steady oil prices pushed up the benchmark contract for a third consecutive session."
Crude futures fell back on Wednesday, weighed down by an unexpected increase in US stockpiles and doubts that a credible deal to resolve Europe's debt crisis will be reached at a summit on Friday.
The market is also looking to the European Central Bank's (ECB) final monetary policy meeting of the year later on Thursday.
A few cargoes of Indonesia's SIR20 rubber changed hands at the highest price since November at up to $3.55 a kg, as tight supply lingered, but its premiums to Thai grade 3 weakened, dealers said on Thursday.
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