Key TOCOM rubber futures plunge

Key Tokyo rubber futures plunged on Friday, dragged lower by a slump in commodities across the board on concerns about a global economic slowdown. The benchmark rubber futures contract on the Tokyo Commodity Exchange for October delivery dropped more than 8 percent to 354.3 yen per kg from Monday's settlement of 386.8 yen. Japanese financial markets were closed from Tuesday to Thursday for national holidays.
Trade in rubber futures was halted earlier after circuit breakers were hit as the price for the key contract at the open indicated a fall of over 9 percent, or more than 30 yen. The Singapore Exchange (SGX) will offer rubber futures starting May 16, moving the contracts over from the Singapore Commodities Market (SICOM) platform to give it greater liquidity, the exchange announced on Friday. The SICOM TSR 20 and SICOM RSS 3 rubber futures will be moved over from SICOM and offered on the SGX platform with the TSR 20 contracts traded over-the-counter allowed clearance through SGX AsiaClear come May 16.