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TOKYO: Japanese rubber futures fell for a second day on Wednesday, reversing earlier gains, weighed by slow retail sales in top buyer China and on fears of escalating Sino-U.S. tensions.

Osaka Exchange’s rubber contract for May delivery finished down 2.4 yen, or 1.0%, at 232.9 yen ($2.1) per kg, after rising to as high as 238.6 yen earlier in the session.

The rubber contract on the Shanghai futures exchange for May delivery fell 60 yuan to finish at 14,605 yuan ($2,295) per tonne.

China’s factory output grew faster than expected in November, supported by stronger energy production and a moderation in sky-high materials costs, but new curbs to fight rising COVID-19 cases hit retailers in the world’s second-largest economy.

The Financial Times reported, citing two sources briefed on the plans, that the United States will add eight Chinese companies, including leading global commercial drone manufacturer DJI Technology Co Ltd, to an investment blacklist on Thursday.

The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 170.6 U.S. cents per kg, down 0.9%.

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