TOKYO: Japanese rubber futures plunged nearly 9% on Wednesday, hitting a two-week low, as investors booked profits after October’s rally, while others unwound positions due to uncertainty over the outcome of the US presidential election.
Osaka Exchange’s (OSE) rubber contract for April delivery finished at 210.2 yen ($2.0) per kg, down 20.0 yen, or 8.7%, its biggest daily percentage loss since September 2011. It marked a fourth straight session of losses and touched the lowest since Oct. 21 of 209.2 yen earlier in the session. The benchmark jumped 36% in October. The most-active rubber contract on the Shanghai futures exchange for January delivery slid 425 yuan to finish at 14,845 yuan ($2,210) per tonne.—Reuters
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