Japan futures track Shanghai rally

TOKYO: Japanese rubber futures jumped more than 3% on Monday as a rally in Shanghai futures triggered fresh buying and as fears over a negative impact on demand by the Omicron coronavirus variant receded.

Osaka Exchange’s rubber contract for May delivery finished 7.7 yen, or 3.4%, higher at 236.8 yen ($2.1) per kg. The rubber contract on the Shanghai futures exchange for May delivery rose 280 yuan to finish at 14,760 yuan ($2,320) per tonne. “OSE tracked a recovery in Shanghai futures, which was boosted by investors looking for bargains amid concerns over rising freight in Asia during the dry wintering season,” a Tokyo-based dealer said.