TOKYO: Key TOCOM rubber futures ended flat on Thursday after falling as much as 2.5 percent as caution that producing countries may intervene in the market to prop up prices emerged, with the contract finding firm support at around 250 yen.
The key Tokyo Commodity Exchange rubber contract for April delivery settled down 0.9 yen, or 0.3 percent, at 262.9 yen.
The November contract expired at 249.3 yen per kg, down 14.4 percent from the October contract's expiry price of 291.3 yen.
"Chinese traders are bearish and some are stepping up sales in anticipation of further releases of dead stock from failed traders, which will ease the market further," a trader said.
"But the contract didn't go through the 250 yen level as many were cautious of producing countries intervening in the market."
He said he expects the market to move within a narrow range of 250-270 yen for a while.
The most active Shanghai rubber contract for May delivery rose 140 yuan to close at 24,845 yuan per tonne, up from Wednesday's close of 24,705 yuan. Volume stood at 1.52 million lots.
Deliveries against the November rubber futures contract totaled 229 lots, or 1,145 tonnes, down from October's 324 lots.
Brent crude rose above $107 on Thursday as potential strong winter fuel demand and turmoil in the Middle East offset fears that a global economic slowdown could hurt consumption.
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