Japan rubber futures slide

TOKYO: Japanese rubber futures slid on Tuesday, reversing the previous day’s surge, as concerns over the spread of the Omicron coronavirus variant lingered while fears of slow automobile production amid chips and parts shortage added to pressure.

Osaka Exchange’s rubber contract for May delivery fell 1.5 yen, or 0.6%, to 235.3 yen ($2.1) per kg, after rallying more than 3% on Monday.

Governments around the world, including most recently Britain and Norway, have been tightening restrictions to curb the spread of the Omicron variant.Major Chinese manufacturing province Zhejiang is fighting its first COVID-19 cluster this year, with tens of thousands of citizens in quarantine and virus-hit areas suspending business operations.