TOKYO: Benchmark Tokyo rubber futures slipped for a third straight session on Thursday, paring earlier gains to hit a 10-day low, as investors continued to adjust positions from a recent rally.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, surged 24 percent from August 25 low of 148.6 to Monday’s high of 184.6 yen. The TOCOM rubber contract for March delivery ended down 0.6 yen at 176.1 yen ($1.70) per kg on Thursday. Earlier in the session, it hit 175.0 yen, the lowest since Oct. 11.

The contract rose to a high of 178.3 yen in an early trade, but it lost ground later on profit-taking, dealers said.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 170 yuan to finish at 13,795 yuan ($2,046.92) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for November delivery last traded at 143.1 US cents per kg, down 3.0 cent.—Reuters