Benchmark Tokyo rubber futures slid to a 2-1/2 month low on Friday, as plunging Nikkei share average and extended declines in oil prices hit sentiment, marking their fourth straight weekly loss. Crude rubber inventories at Japanese ports stood at 14,736 tonnes as of January 31, up 10.7 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Friday.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.3 percent from last Friday, the exchange said on Friday. The Tokyo Commodity Exchange (TOCOM) rubber contract for July delivery finished 3.1 yen lower at 189.2 yen ($1.73) per kg after touching the lowest since November 21 of 187.8 yen earlier in the session.
For the week, it lost 3.9 percent. The most-active rubber contract on the Shanghai futures exchange for May delivery rose 15 yuan to finish at 12,450 yuan ($1,978) per tonne. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 143.0 US cents per kg, down 0.9 cent.
Japan's Nikkei share average tumbled on Friday after another torrid day for Wall Street. Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies.