Japanese rubber futures closed higher on Friday as investors scoured for bargains after prices fell to three-week low, ignoring signs of further disruption to auto production due to shortages chips and components.
Osaka Exchange’s rubber contract for May delivery ended at 0.4 yen, or 0.2%, up to 229.1 yen ($ 2.02) per kg after hovering around its lowest level since November 19 at 225.4 yen the day before.
For the week, it posted a loss of 4.8%, its second consecutive weekly decline.
The rubber contract on the Shanghai futures exchange for delivery in May rose 105 yuan to end at 14,490 yuan ($ 2,276) per ton.
Auto sales in China fell 9.1% in November from a year earlier, industry data showed on Friday, marking their seventh consecutive monthly decline amid a prolonged global shortage of semi- drivers disrupts production.
Toyota Motor Co on Friday extended production shutdowns at some factories in Japan due to a shortage of components shipped from parts factories in Southeast Asia.
Rubber stocks in warehouses monitored by the Shanghai Futures Exchange rose 3.1% from last Friday, the exchange said on Friday.
The first-month rubber contract on Singapore’s SICOM stock exchange for January delivery last traded at 170.5 US cents per kg, up 0.1%.