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TOKYO: Japanese rubber futures gave up early gains to end lower on Friday, snapping a four-session rally which was buoyed by a surge in global commodity prices amid expectations of rising inflation.

Osaka Exchange’s rubber contract for October delivery finished down 2.4 yen, or 0.9%, at 255.5 yen ($2.3) per kg, after hitting the highest since March 24 of 262.0 yen earlier in the session.

For the week, it rose 4.3%.

The rubber contract on the Shanghai futures exchange for September delivery rose 150 yuan to finish at 14,445 yuan ($2,238) per tonne. It reached a seven-week high of 14,625 yuan earlier in the session.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange showed little changed from last week, falling only 10 tonnes, data from the exchange showed on Friday.

The front-month rubber contract on Singapore’s SICOM exchange for June delivery last traded at 172.3 US cents per kg, up 0.5%.

“On Thursday, short-term investors bought up rubber which was undervalued compared to other commodities, but they took quick profits today ahead of the weekend,” Jiong Gu, an analyst at Yutaka Shoji Co said.

“The OSE rubber is expected to stay in a narrow range between 245 yen and 260 yen this month as the market is on a bearish tone fundamentally due to sluggish demand from tyre makers,” he said.