TOKYO: Japanese rubber futures fell on Monday, sliding from a near three-week high hit last week, as a resurgence in Covid-19 cases across Asia fuelled worries about a slow recovery in the region’s demand for the material.
The Osaka Exchange’s rubber contract for December delivery finished 2.6 yen, or 1.1%, lower at 237.3 yen ($2.1) per kg. It hit the highest since June 7 of 244.0 yen last Friday.
Investors were concerned about a spike in Covid-19 infections in Asia, with Australia’s most populous city of Sydney going into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned.
Indonesia is battling record high cases while Malaysia extended a national lockdown beyond Monday. Thailand announced new restrictions in Bangkok and other provinces.
The rubber contract on the Shanghai futures exchange for September delivery slipped 5 yuan to finish at 13,150 yuan ($2,036) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 163.4 US cents per kg, down 1.5%.—Reuters
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