Tokyo rubber extends losses

Benchmark Tokyo rubber futures extended losses into a third session on Tuesday, plunging to a fresh 4-week low and near its 7-year trough hit last month, as the yen's jump and falling share prices prompted a sharp sell-off. The Tokyo Commodity Exchange rubber contract for July delivery finished 4.3 yen, or 2.8 percent, lower at 147.4 yen ($1.28) per kg.
It earlier dropped to a low of 145.8 yen, the lowest since January 12, a day when prices touched 144.5 yen, the lowest since March 2009. "The TOCOM took a hit by the surging yen and plunging Nikkei," said Toshitaka Tazawa, analyst at Fujitomi Co. Shanghai and Singapore futures exchanges were closed for the Lunar New Year holiday. China, a focus of recent market concern, is shut for the entire week, while Singapore will resume trading on Wednesday. The dollar skidded to its lowest levels against the yen since November 2014 on Tuesday, as a sell-off in European and US stocks continued into the Asian session and stoked demand for the perceived safe-haven Japanese currency.