TOKYO: Japanese rubber futures hit an 8-month low on Wednesday, extending losses to a sixth straight session, as fears over a spike in the more contagious Delta variant worldwide and lower rubber imports by top buyer China weighed on market sentiment.
The Osaka Exchange rubber contract for December delivery was down 4.2 yen, or 2.0%, at 209.6 yen ($1.9) per kg as of 0153 GMT. Earlier in the session, it dove to its lowest since Nov. 9 at 208.2 yen.
Malaysia on Tuesday announced new measures to support its ailing public health system as the country saw another record daily rise in Covid-19 cases, fuelled by the highly infectious Delta variant.
China’s import of natural and synthetic rubber fell 13.5% in June from a year earlier.
The rubber contract on the Shanghai futures exchange for September delivery was down 85 yuan, or 0.6%, at 13,180 yuan ($2,035) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 161.2 US cents per kg, down 0.9%.
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