Benchmark Tokyo rubber futures hit a 5-1/2-week low on Friday, ending the week marginally lower, as a plunge in Shanghai triggered fresh selling and as investors unwound positions ahead of the G7 summit and policy meetings of major central banks.
The Tokyo Commodity Exchange rubber contract for November delivery
finished 3.6 yen, or 1.9 percent, lower at 186.1 yen ($1.7) per kg, after diving to the lowest since May 1 of 185.9 yen. For the week, it dropped 1.7 percent.
The most-active rubber contract on the Shanghai futures exchange for September delivery plunged 275 yuan to finish at 11,415 yuan ($1,781) per tonne. It hit the lowest since May 16 of 11,355 yuan earlier in the session.
The front-month rubber contract on Singapore's SICOM exchange for July delivery last traded at 141.0 US cents per kg, down 1.9 cent.
"Everyone wanted to square off their positions ahead of the weekend," said Hiroyuki Kikukawa, general manager of research at Nissan Securities, referring to this weekend's summit of G7 countries followed by monetary policy meetings by major central banks and an unprecedented US-North Korea summit scheduled next week.
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