Tokyo rubber closes lower

Tokyo rubber futures closed down on Monday, snapping an eight-day bull run as funds locked in profits after a rise of more than 1 per cent in early trade to a one-month high on strong oil prices. ''Follow-through buying emerged in early trade, but profit-taking pushed down prices from the high after sharp gains in the last week,'' said Mr Shuji Sugata, a manager at Mitsubishi Corp Futures and Securities Ltd. The key Tokyo Commodity Exchange rubber contract for February delivery finished at ¥318.2 a kg, down ¥2.5 or 0.8 per cent. The February contract rose as high as ¥324.9 per kg - the highest for a benchmark contract since Aug. 1.