TOKYO: Japan’s rubber futures fell on Friday, tracking the Shanghai market’s losses amid fears of slowing demand in top buyer China after Beijing launched mass COVID-19 testing as the country battles its worst outbreak of the disease since March.
The Osaka Exchange rubber contract for June delivery, finished 3.9 yen, or 1.6%, lower at 238.0 yen ($2.3) per kg. For the week, it lost 2.1%, booking a second straight weekly loss.
The rubber contract on the Shanghai futures exchange for May delivery plunged 405 yuan, or 2.7%, to finish at 14,380 yuan ($2,221) per tonne. It slid to a one-week low of 14,320 yuan earlier in the session.
The front-month rubber contract on Singapore’s SICOM exchange for February delivery last traded at 155.9 US cents per kg, down 1.6%.
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