Tokyo rubber slides as Shanghai futures fall on Nov.29

Tokyo Commodity Exchange (TOCOM) futures fell on Friday, tracking a sluggish Shanghai market as fundamentals remained weak.

TOCOM's rubber contract for May delivery finished down 1.3 yen ($0.0120) at 187 yen per kg.

The most-active rubber contract on the Shanghai futures exchange for January delivery slid 120 yuan ($17.05) to finish at 12,380 yuan per tonne. China's new technically specified rubber (TSR) 20 futures contract was last down 150 yuan at 10,555 yuan per tonne.

“Rubber futures rose last week, as capital piled in. But there is lack of support on the fundamentals side," said Tang Xiaonan, analyst, JLC Network Technology Co Ltd. “Futures rose but the physical market could not catch up," Tang said.

The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 139.6 US cents per kg, down 0.2%

The US dollar was quoted around 109.49 yen, compared with around 109.5 yen on Thursday afternoon.

Oil prices slipped in quiet trade with the US Thanksgiving holiday limiting activity, while investors awaited a meeting of OPEC and its allies next week that may result in the extension of an output cut agreement to support the market.