OSAKA, Japan—Rubber futures prices closed last week mixed in major rubber exchanges as COVID-19 cases reappeared in China.
According to the latest rubber weekly report by JPX, prices were higher early in the week to June 13, but fell back in response to the news of COVID-19 resurfacing in China.
Gains were pegged back by concerns over moves by Chinese authorities to re-impose mass-testing and lockdowns in Beijing and Shanghai, according to JPX.
Nevertheless, Osaka rubber futures closed 1.6 percent higher in active trading "even though some profit-taking occurred in the market," said the JPX report.
Both China-based SHFE and INE exchanges closed in positive territory, with heavy transactions in Shanghai linked to new speculative buying, while "short covering" was seen at INE.