TOKYO: Japanese rubber futures closed lower on Wednesday after data showed a record number of new coronavirus cases in Tokyo, heightening the prospect of a state of emergency being declared, which is likely to hit economic activity.

The Osaka Exchange’s rubber contract for June delivery finished 1.1 yen, or 0.5%, lower at 238 yen per kg.

Tokyo had 1,591 new coronavirus cases on Wednesday, the highest yet for Japanese capital, and the government is likely to announce an emergency on Thursday, with analysts predicting a drop in economic growth.

The rubber contract on the Shanghai futures exchange for May delivery rose 0.8% to finish at 14,375 yuan per tonne.