SINGAPORE: Japanese rubber futures inched lower on Friday, tracking losses in the Shanghai market, as worries over slowing demand in top buyer China following record-high Covid-19 cases and fresh curbs weighed on sentiment.
The Osaka Exchange rubber contract for April delivery was down 0.2 yen, or 0.1%, at 214.4 yen ($1.55) per kg as of 0200 GMT. The benchmark contract has declined about 1.3% for the week. The rubber contract on the Shanghai futures exchange for January delivery was down 25 yuan, or 0.2%, at 12,765 yuan ($1,782) per tonne. Japan’s benchmark Nikkei share average opened up 0.06%.
China reported record high Covid-19 infections on Thursday, with cities nationwide imposing localised lockdowns, mass testing and other curbs that are fuelling frustration and darkening the outlook for the world’s second largest economy. Mainland China’s Health Commission reported 32,943 new coronavirus cases for Nov. 24, compared with 31,656 new cases a day earlier.
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