SINGAPORE: Japan’s rubber futures slid on Tuesday as global equity markets took a beating amid an escalating Ukraine crisis.
The Osaka Exchange rubber contract for August delivery finished 4.3 yen lower at 256.9 yen ($2.24) per kg, after hitting its highest since March 23 of 265.2 yen earlier in the session.
The new benchmark lost 3.4 yen, or 1.3%, from Monday’s close of July contract, the previous benchmark.
The OSE’s February contract expired at 255.9 yen per kg on Monday.
OSE rubber prices followed the plunge in global equity markets as traders had lower risk appetite, a Singapore-based trader said.
Global stocks tumbled on Tuesday while safe havens rallied and oil surged as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.
Japan’s benchmark Nikkei share average was down 1.7% on Tuesday, marking a fourth day of losses.