TOKYO: Japanese rubber futures recovered on Tuesday from a plunge in the last two sessions as investors looked for bargains after Shanghai market bounced back, shrugging off fears a planned pilot real estate tax scheme may slow economic growth in China.
Osaka Exchange's rubber contract for April delivery finished 5.0 yen, or 3.1%, higher at 233.1 yen per kg. The rubber contract on the Shanghai futures exchange for January delivery rose 255 yuan to finish at 14,850 yuan per tonne.
The top decision-making body of the Chinese parliament said on Saturday it will roll out a pilot real estate tax in some regions, the official Xinhua news agency reported. China is also facing a new wave of infections involving nearly 200 locally transmitted symptomatic cases in 12 provincial areas since Oct. 17. The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 175.7 US cents per kg, up 0.9%.