Tokyo and Shanghai rubber decline

Key Tokyo rubber futures fell on Thursday, as a drop in Shanghai rubber futures and supplies from Thailand, the top producer, dampened sentiment. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery fell 4.3 yen, or 1.2 percent, to settle at 360.4 yen per kg. The contract dropped as much as 2 percent to 357 yen during the session.
The most active Shanghai rubber contract for September delivery fell 300 yuan, or 0.9 percent, to close at 32,090 yuan ($4,965.29) per tonne on Thursday. It fell as much as 2 percent. Volume fell to 740,296 lots from Wednesday's 996,880 lots. Analysts expect the TOCOM benchmark to face resistance at 400 yen per kg, while a low in May around 353 yen and a March trough around 335 yen will likely serve as support.