TOKYO, Nov 1 (Reuters) - Benchmark Tokyo rubber futures fellfor a second day on Friday ahead of the three-day weekend, as animprovement in Chinese manufacturing activity failed to providesupport.
The benchmark rubber contract on the Tokyo CommodityExchange (TOCOM) for April delivery fell 1.8 yen tosettle at 259.8 yen ($2.65) per kg, a one-week low.
The contract fell 1.5 percent last month. TOCOM is closed onMonday for a national holiday.
The decline came despite data earlier in the day showingChina's giant manufacturing sector strengthened further inOctober.
A rebound from the August 2012 low of 205.60 yen a kg hasnot completed, based on the wave theory, according to Wang Tao,a Reuters market analyst for commodities and energy technicals.
"The sixth-month contract may eventually reach 357.20 yen,but to be conservative, the current target is at 306.70 yen, the61.8 percent Fibonacci projection level of an upward wave C thatstarted at the June low of 225 yen," he said.
"But we have to be prepared for surprises. If it drops below250 yen, rubber may collapse to 99.80, the 2008 low."
The most-active rubber contract on the Shanghai futuresexchange for May delivery rose 175 yuan to finish at19,920 yuan ($3,300) per tonne.
India's tyre firms have stocked up on rubber at low prices,locking in healthy margins that have helped their share pricesoutperform those of international competitors over the pastmonth.
The front-month rubber contract on Singapore's SICOMexchange for December delivery last traded at 228.50U.S. cents per kg, up 0.5 cent.
($1 = 98.1100 Japanese yen)($1 = 6.0945 Chinese yuan) (Reporting by Osamu Tsukimori; Editing by Sunil Nair)
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