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Japanese rubber futures fall to three-week lows

TOKYO: Japanese rubber futures fell to their three-week lows on Monday as fears that surging COVID-19 cases in top buyer China would dent demand, while a firmer yen against the U.S. dollar added to the pressure.

The Osaka Exchange rubber contract for June delivery was down 1.9 yen, or 0.9%, at 218.1 yen ($1.7) per kg as of 0214 GMT. It touched the lowest since Dec. 5 of 216.6 yen earlier in the session.

But the rubber contract on the Shanghai futures exchange for May delivery was up 55 yuan, or 0.4%, at 12,700 yuan per tonne, after sliding to the lowest since Nov. 22 of 12,520 yuan earlier in the session.

China’s Zhejiang, a big industrial province near Shanghai, is battling around a million new daily COVID-19 infections, which is expected to double in the days ahead, the provincial government said on Sunday.

China is expecting a peak in COVID-19 infections within a week, a health official said on Friday, with authorities predicting extra strain on the country’s health system even as they downplay the disease’s severity and continue to report no new deaths.

Japanese rubber futures fall to three-week lows

Source: Brecorder

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