TOKYO: Japanese rubber futures slumped on Monday, as growing Omicron coronavirus variant cases in Europe and the United States fuelled investor fears that tighter restrictions could hurt global economy and demand for the material.
The Osaka Exchange rubber contract for May delivery was down 6.1 yen, or 2.6%, at 227.5 yen ($2.0) per kg as of 0234 GMT.
The rubber contract on the Shanghai futures exchange for May delivery also tumbled 395 yuan, or 2.7%, to 14,365 yuan ($2,252) per tonne.
The spread of Omicron saw the Netherlands go into lockdown on Sunday and put pressure on others to follow, though the United States seemed set to remain open.
The new variant has been reported in 89 countries and the number of cases is doubling in 1.5 to 3 days in areas with community transmission, the World Health Organization (WHO) said on Saturday.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.5% from a week earlier, the exchange said on Friday.
The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 167.4 US cents per kg, down 1.6%.
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