The TOCOM benchmark, which sets the tone for rubber prices in Southeast Asia, hit the highest since June last year on Wednesday. TOCOM's technically specified rubber (TSR) 20 futures contract for July delivery fell 1.9 percent to close at 154.0 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for May delivery slumped 125 yuan to finish at 11,640 yuan ($1,717) per tonne.The front-month rubber contract on Singapore's SICOM exchange for February delivery last traded at 136.3 US cents per kg, down 0.6 percent. "The market came under pressure as investors booked profits after an optimism about US-China trade talks boosted not only rubber prices but also oil and share prices," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
Trade talks between China and the United States this week were extensive, and helped establish a foundation for the resolution of each others' concerns, China's commerce ministry said on Thursday, but gave no details on the issues at stake. Oil prices fell by more than 1 percent on Thursday on swelling US supply and amid caution after talks between the United States and China finished without any concrete details on a resolution to their trade disputes.