* Japanese rubber futures dropped to a two-week low on Friday, tracking losses in the Shanghai market on worries over slow demand in top buyer China and fears of a global recession, resulting in a weekly decline.
* The Osaka Exchange (OSE) rubber contract for September
delivery finished 1.9 yen, or 0.9%, lower at 204.6 yen
($1.6) per kg, after hitting the lowest since March 24 of 203.8
yen earlier in the session. The benchmark lost 2.6% for the
week.
* The rubber contract on the Shanghai futures exchange
(SHFE) for
September delivery fell 150 yuan to finish at 11,625
yuan ($1,691) per tonne. It slid to as low as 11,560 yuan
earlier, the lowest since March 16.
* "The OSE stayed under selling pressure as investors
remained
bearish due to sluggish demand and higher inventories in China,"
said Jiong Gu, an analyst at Yutaka Trusty Securities Co Ltd.
* "Japanese market tracked the slumping Shanghai prices, but
we
may see a correction next week as the OSE's futures are now
cheaper than the spot prices."
* China's manufacturing activity expanded at a slower pace
in
March, official data showed last week, suggesting hopes of a
strong post-COVID economic recovery are faltering amid weaker
global demand and a continued property market downturn.
* China has imposed further sanctions on Hsiao Bi-khim,
Taiwan's
de facto ambassador to the United States, prohibiting her and
family members from entering the mainland, Hong Kong and Macau,
state media reported.
* Economic data on Thursday suggested the U.S.
labour
market is feeling the effects of the Fed's aggressive interest
rate hikes designed to cool the economy and curb inflation.
* Rubber inventories in warehouses monitored by the Shanghai
Futures Exchange fell 0.7% from last Friday, the exchange said.
* Singapore's financial markets were closed on Friday for a public holiday. Trading will resume on Monday, April 10. ($1 = 131.8000 yen) ($1 = 6.8750 Chinese yuan) (Reporting by Yuka Obayashi; Editing by Krishna Chandra Eluri and Subhranshu Sahu)
