Tokyo rubber futures near two-week low

The key Tokyo rubber futures contract fell to its lowest in nearly two weeks on Wednesday as broad weakness in commodity markets triggered profit-taking as players feared that prices had risen too fast, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery, which made its debut on Wednesday, fell 3 yen from the opening price to settle at 457.2 yen ($5.56) per kg, the lowest for a benchmark since January 14.
The previous benchmark June contract fell as much as 16.5 yen, or 3.4 percent, to finish at 460.1 yen per kg. The most active rubber contract on the Shanghai futures exchange for May deliver fell 385 yuan to settle at 39,280 yuan ($5,967) per tonne. Deliveries against the January rubber futures contract, which expired on Tuesday at 478.2 yen, stood at 314 lots or 1,570 tonnes, more than double December's deliveries.