"The failure of a China's major rubber trader late last week shocked rubber markets and industry, promoting a flurry of selling in rubber futures in Tokyo and Singapore this week," a Tokyo-based dealer said. "But the benchmark stopped sliding on Friday as investors unwound positions ahead of the weekend," he said, adding that there may be more downside risk going forward.
The Shanghai Futures Exchange is closed between Oct. 1 and Oct. 7 for the National Day holiday and will reopen on Oct. 8. TOCOM's TSR 20 futures contract for April delivery closed at 148.9 yen per kg. The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 124.9 US cents per kg, up 0.2%.
President Donald Trump on Thursday again invited foreign interference in a US presidential election by publicly calling on China to investigate Democratic political rival Joe Biden, the kind of request that has already triggered an impeachment inquiry in Congress. The United States on Wednesday said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.