Tokyo rubber futures at three-week low

Tokyo rubber futures fell 5 percent to a three-week low on Tuesday as a warning by Standard & Poor's to cut the United States' AAA credit rating triggered heavy stop-loss selling. Weaker oil prices also added to the downward pressure on prices, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for September delivery was down 15.3 yen to settle at 409.7 yen ($4.956) per kg.
It fell as much as 21.3 yen, or 5 percent, to an intra-day low of 403.7 yen per kg, the lowest since March 29. The most-active Shanghai rubber contract for September delivery fell 1,090 yuan to settle at 33,870 yuan ($5,187.868) per tonne.