TOKYO: Key TOCOM rubber futures fell as much as 3.4 percent on Thursday after hitting resistance around 324 yen, the top end of its recent trading range although support at 305 yen looked firm on concerns about falling supply.
The key Tokyo Commodity Exchange rubber contract for July delivery fell as as low as 312.6 yen before settling at 313.9 yen, down 3 percent.
"The contract has been locked in a tight range in the past month, with the resistance firm at around 324 yen," said Naoki Asami, chief broker at trading house Kanetsu.
Bridgestone Corp, the world's biggest tyre maker, said on Thursday it expects to produce 1.99 million tonnes of tyre in 2012, up 5.3 percent.
Japan's Nikkei stock average retreated from a six-month high in choppy trade on Thursday, but sentiment remained upbeat on the back of easing steps from the Bank of Japan that have weakened the yen.
Brent crude rose above $119 on Thursday on worries about supply disruptions from the Middle East and after US data showed an unexpected fall in inventories, while fears of a delay in a second bailout package for Greece capped gains.
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