Rubber retreated from the highest level in more than two weeks as the deadlined loomed for United States lawmakers to reach a deal on raising the debt limit and avoiding a default.
The contract for March delivery dropped as much as 1.2% to 267.5 yen a kilogramme (US$2,715 a metric tonne) on the Tokyo Commodity Exchange and was at 268.6 yen on Wednesday at 11.09am in Tokyo. The most-active contract ended at 270.8 yen on Tuesday, the highest settlement since Sept 26. Prices have fallen 11% this year.
Crude oil traded near a three-month low while Fitch Ratings put the US on watch for a possible credit downgrade on Tuesday, citing lawmakers' inability to forge a deal while reiterating that it expects the debt ceiling to be raised.
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