RUBBER-Japan futures snaps five-day rally as oil plummets

By Ruth Chai

April 8 (Reuters) -

• Japanese rubber futures fell for the first time in five sessions on Wednesday, as oil plummeted after a ceasefire agreement was reached in the Middle East, with Iran allowing the safe passage of oil and gas through the Strait of Hormuz.

• The Osaka Exchange (OSE) rubber contract for September delivery JRUc6, 0#2JRU: was down 1.7 yen, or 0.43%, at 395.7 yen ($2.50) per kg as of 0147 GMT.

• The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery SNRv1 fell 190 yuan, or 1.11%, to 16,905 yuan ($2,465.47) per metric ton.

• The most active May butadiene rubber contract on the SHFE SHBRv1 slumped 1,185 yuan, or 6.67%, to 16,590 yuan per metric ton.

• Prices of Shanghai butadiene rubber fell below that of natural rubber for the first time in three weeks, since March 24.

• U.S. President Donald Trump on Tuesday agreed to a two-week ceasefire with Iran, as the latter agreed to pause its blockade of oil and gas supplies through the Strait of Hormuz.

• Iran's foreign minister, Abbas Araqchi, said in a statement that Tehran would stop counter-attacks and provide safe passage through the waterway.

• In reaction, oil fell undefined below $100 per barrel on Wednesday, with Brent LCOc1 falling $14.84, or 13.6%, to $94.43 a barrel and WTI CLc1 sliding $16.13, or 14.3%, to $96.82 a barrel as of 0023 GMT. O/R

• Natural rubber often follows oil prices as it competes with synthetic rubber, which is made from crude oil.

• Japan's Nikkei share average surged more than 4% on Wednesday as lower energy prices eased concerns of an economic slowdown.

• The benchmark Nikkei 225 Index .N225 jumped 4.67% to 55,923.27, while the broader Topix .TOPX climbed 3% to 3,763.51.

• The front-month rubber contract on Singapore Exchange's SICOM platform for May delivery STFc1 last traded at 205.4 U.S. cents per kg, up 0.2%.

($1 = 6.8567 yuan)

($1 = 158.3900 yen)