TOKYO: Japanese rubber futures declined on Tuesday for a fifth straight session, diving to an 8-month low, on worries over the spread of the Delta variant, but strong trade data from top buyer China helped pare some of the earlier losses.
Osaka Exchange’s rubber contract for December delivery finished 2.2 yen, or 1%, lower at 213.8 yen ($1.9) per kg. It touched the lowest since Nov. 10 of 210.8 yen earlier in the session.
The rubber contract on the Shanghai futures exchange for September delivery fell 70 yuan to finish at 13,315 yuan ($2,059) per tonne.
The Asia-Pacific region continues to battle major outbreaks due to the highly contagious Delta variant, while worries about Johnson & Johnson’s vaccine emerged after rare cases of a neurological disorder were reported weeks after inoculation.
China’s exports grew much faster than expected in June, as solid global demand led by easing lockdown measures and vaccination drives worldwide eclipsed virus outbreaks and port delays.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 162.7 US cents per kg, unchanged from the previous day.
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