TOCOM extends slide as trade tensions fan demand fears
- The benchmark TOCOM rubber contract for March delivery finished 0.5 yen lower at 155.6 yen ($1.45) per kg, after hitting the lowest since Nov. 26 of 154.3 yen earlier in the session.
- The U.S. dollar was quoted around 107.24 yen, compared with around 107.79 yen on Wednesday afternoon.
- * The Shanghai Futures Exchange is closed between Oct. 1 and Oct. 7 for the National Day holiday and will reopen on Oct. 8.
* The benchmark TOCOM rubber contract for March delivery finished 0.5 yen lower at 155.6 yen ($1.45) per kg, after hitting the lowest since Nov. 26 of 154.3 yen earlier in the session.
* The United States on Wednesday said it would enact 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
* "Worries over weakening global economy and slumping stock markets prompted fresh selling," said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.
* "With no factors to support rubber prices, the TOCOM benchmark may test last year's low of 151.0 yen," he said.
* Japan's benchmark Nikkei stock average closed down 2%, the biggest one-day decline since Aug. 26, as already-growing market fears about global growth were fanned by the United States' announcement of new import tariffs on products from the European Union.
* The U.S. dollar was quoted around 107.24 yen, compared with around 107.79 yen on Wednesday afternoon.
* Oil futures were largely flat, reversing gains made earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session offset modest hopes for progress in resolving the U.S.-China trade war.
* The Shanghai Futures Exchange is closed between Oct. 1 and Oct. 7 for the National Day holiday and will reopen on Oct. 8.
* The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 124.4 U.S. cents per kg, down 0.6%.