TOCOM ends down 1 pct on profit-taking

Benchmark Tokyo rubber futures ended down 1 percent on Tuesday as weaker oil prices prompted some profit-taking following a 2.5 percent jump a day earlier.

Tokyo Commodity Exchange (TOCOM) futures on Monday got support from strong oil prices and rose to near six-month highs hit in early January when worries over lower production in flood-hit Malaysia and Thailand flared.

The Tokyo Commodity Exchange rubber contract for July delivery <0#2JRU:> finished 2.1 yen lower at 212.4 yen per kg. The benchmark contract hit 214.8 yen in the night session on Monday, the same as a near five-week high hit during Monday's day session.

Brent crude fell below $58 a barrel on Tuesday after China's consumer inflation came in at a five-year low for January, raising worries about oil demand in the world's second-largest economy.

"The market has met some resistance due to weaker oil price and stronger yen," said a Tokyo-based broker. "With the rise in rubber prices, spot rubber supplies at Thai central market have been on the rise to around 1,000 tonnes a day, up from around 80-200 tonnes a day previously.

"Japanese markets are closed on Wednesday for a national holiday.

The U.S. dollar was quoted around 118.66 yen, a tad weaker from around 118.77 yen on Monday afternoon.

India's natural rubber output in January dropped by a third from a year earlier to 60,000 tonnes as some farmers curtailed tapping due to lower prices, the state-run Rubber Board said on Monday.

The consumption during the month rose only 0.8 percent on year to 84,000 tonnes, prompting tyre makers to increase imports by 11 percent to 30,441 tonnes, the board said.

The government may hike import duty on rubber to 30 percent from 20 in the upcoming budget, traders said.The most-active rubber contract on the Shanghai futures exchange for May delivery fell 120 yuan to finish at 13,560 yuan per tonne.The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 139.60 U.S. cents per kg, down 1 cent.