TOKYO: Japanese rubber futures plunged to a three-week low on Tuesday, tracking a slide in Shanghai prices, while surging COVID-19 cases across the world raised fears over slower economic recovery.

Osaka Exchange’s rubber contract for new July delivery finished at 224.1 yen ($2.2) per kg, down 7.4 yen, or 3.2%, from an opening price of 231.5 yen per kg, ending at the lowest level since Jan. 4. The benchmark contract tumbled 3.4% on Monday. OSE’s January contract expired at 335.0 yen on Monday.

The rubber contract on the Shanghai futures exchange for May delivery fell 255 yuan to finish at 14,060 yuan ($2,173) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for February delivery last traded at 154.3 US cents per kg, down 1.2%.