TOKYO: Japanese rubber futures plunged on Monday as surging Omicron cases triggered tighter curbs in Europe and boosted fears over the global economic recovery, while slow vehicle output amid supply chain bottlenecks added to pressure.

Osaka Exchange’s rubber contract for May delivery finished 6.9 yen, or 3.0%, lower at 226.7 yen ($2.0) per kg.

The rubber contract on the Shanghai futures exchange for May delivery tumbled 550 yuan to finish at 14,210 yuan ($2,229) per tonne.

The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries as the Omicron variant spreads rapidly.

US health officials urged Americans on Sunday to get booster shots, wear masks and be careful if they travel over the winter holidays, as the Omicron variant raged across the world and was set to take over as the dominant strain in the United States.

Toyota Motor Corp said on Monday it would suspend production at five domestic factories in January due to supply chain issues, chip shortages and the COVID-19 pandemic.

The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 166.7 US cents per kg, down 2.0%.