SINGAPORE: Japanese rubber futures slid on Friday and were on track for their first weekly drop in five, as Asian equities fell due to an escalating Ukraine crisis. The Osaka Exchange rubber contract for August delivery was down 3.8 yen, or 1.5%, at 256.2 yen ($2.22) per kg, as of 0119 GMT.

Asian shares took a beating and oil prices jumped, as a report of a nuclear power plant on fire amid continued fierce fighting between Ukraine and Russian troops further unnerved investors. Japan’s benchmark Nikkei share average fell about 3% to its lowest since November 2020.

The rubber contract on the Shanghai futures exchange for May delivery was down 215 yuan, or 1.5%, at 13,780 yuan ($2,180.55) per tonne.