Rubber Reaches 7-Week Low as U.S. Auto Data Raise Demand Concern
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Rubber extended losses for a fourth day to the lowest level in seven weeks after data showed U.S. auto sales fell for the first time in 27 months, raising concern that demand may weaken for the commodity used in tires.
The contract for March delivery on the Tokyo Commodity Exchange lost 1.7 percent to 256.5 yen a kilogram ($2,635 a metric ton), the lowest settlement since Aug. 8. The drop expanded this year’s losses to 15 percent for a most-active contract.