TOKYO: Japanese rubber futures tumbled on Friday, sliding from a four-year high hit in the previous session, as a plunge in global equities and Shanghai rubber market weighed on sentiment.
Osaka Exchange’s rubber contract for August delivery finished 14.1 yen, or 4.9 percent, lower at 275.9 yen ($2.6) per kg. But it booked a 4 percent gain for the week and a 17 percent jump for the month.
The rubber contract on the Shanghai futures exchange for May delivery also tanked 945 yuan to finish at 15,990 yuan ($2,475) per tonne.
Global stocks fell on Friday, with Asian shares down by the most in nine months, as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.
The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 200.0 US cents per kg, up 2.9 percent.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.1 percent from last Friday, the exchange said on Friday.