Key Tokyo rubber futures fell for a third consecutive session on Thursday as recent sharp rises made investors cautious, but some analysts expect the market to find support at 420 yen with technicals showing a long-term uptrend. The key Tokyo Commodity Exchange rubber contract for September delivery settled down 1.9 percent, or 8.3 yen, at 442.0 yen per kg.
Sixth-month Tokyo rubber is expected to revisit the February high at 535.7 yen per kg over the next four weeks as its long-term uptrend has resumed, according to Wang Tao, Reuters market analyst for commodities and energy. The most active Shanghai rubber contract for September delivery fell 420 yuan to close at 35,670 yuan ($5,459.650) per tonne. Volume picked up to 756,046 lots, up from Wednesday's 696,270. Financial markets in top rubber producer Thailand are closed for the Songkran festival holidays from Wednesday to Friday.
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