TOKYO: Japanese rubber futures fell for a third straight day on Tuesday, after data showed companies in Japan sharply cut spending on plant and equipment for a third consecutive quarter between October and December. Osaka Exchange’s rubber contract for August delivery finished fell 6.4 yen, or 2.4%, to close at 260.1 yen per kg, the lowest close since Feb. 19.

Japanese companies slashed spending on plant and equipment during October-December quarter as manufacturers cut costs, casting doubt about the strength of the country’s recovery as the COVID-19 pandemic hits private demand.

The rubber contract on the Shanghai futures exchange for May delivery fell 3% to finish at 15,445 yuan per tonne.