Tokyo rubber down

TOKYO: Japanese rubber futures ended lower on Friday, posting a second weekly decline in a row, as manufacturing activity in Japan fell in August underlining weak prospects for recovery from the coronavirus crisis. Osaka Exchange's rubber contract for January delivery finished the day 1.7 yen, or 1%, lower at 173.3 yen per kg.

The contract fell for a second straight week, dropping 1.3 on the week. The rubber contract on the Shanghai futures exchange for January delivery rose 10 yuan to finish at 12,380 yuan per tonne.

Japanese factory activity extended its decline in August for a 16th month, raising doubts over manufacturers' hopes for a rapid recovery as they struggled with the global economic downturn brought on by the Covid-19 pandemic.