SINGAPORE: Japanese rubber futures closed marginally higher on Tuesday although further COVID-19 outbreaks in China renewed concerns over demand.

Osaka Exchange’s rubber contract for December delivery closed 0.6 yen, or 0.2% higher at 242.1 yen ($1.76) per kg.

The rubber contract on the Shanghai futures exchange for September delivery rose 50 yuan, or 0.4% to finish at 11,940 yuan ($1,770.38) per tonne.

Mainland China’s National Health Commission reported 776 new COVID-19 cases for July 18, of which 237 were symptomatic and 539 were asymptomatic, compared to the 598 new cases a day earlier.

Shanghai will require residents across nine of the city’s districts and some smaller areas to undergo testing for COVID-19 over July 19-21 amid fresh cases in the community.

Asian shares slipped on Tuesday, following overnight declines on Wall Street and on renewed fears about outbreaks of COVID-19 in China while the dollar hovered below last week’s peak, but traders’ main focus was approaching central bank meetings.

The front-month rubber contract on Singapore Exchange’s SICOM platform for August delivery last traded at 157.7 US cents per kg, up 0.3%.