Benchmark Tokyo rubber futures plunged to a one-week low on Thursday as the yen's surge and tumbling stock prices prompted a flurry of profit-taking after the Bank of Japan opted out of any further moves to ease policy. "A sharp selloff in Nikkei and a spike in yen led investors to quickly take profits and unwind their long positions," said Toshitaka Tazawa, analyst at Fujitomi Co.
The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery finished 6.1 yen, or 3.0 percent, lower at 194.8 yen ($1.80) per kg, the lowest close since April 20. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 290 yuan to finish at 12,710 yuan ($1,961.78) per tonne. The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 151.0 US cents per kg, down 4.8 cent.
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