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 conflict, 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 0.9 yen, or 0.23%, at 396.5 yen ($2.51) per kg.

• The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery SNRv1 fell 15 yuan, or 0.09%, to 16,985 yuan ($2,488.64) per metric ton.

• The most active May butadiene rubber contract on the SHFE SHBRv1 slumped 1,370 yuan, or 7.71%, to 16,405 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.

• Oil fell below $100 per barrel on Wednesday, with Brent futures LCOc1 falling $14.51, or 13.3%, to $94.76 a barrel at 0330 GMT, while WTI CLc1 slid $17.16, or 15.2%, to $95.79 a barrel. O/R

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

• Japan's Nikkei .N225 share average surged more than 5.4% to 56,339.90 on Wednesday as lower energy prices eased concerns of an economic slowdown.

• The front-month rubber contract on Singapore Exchange's SICOM platform for May delivery STFc1 last traded at 206.7 U.S. cents per kg, up 0.8% as of 0700 GMT.

($1 = 158.0900 yen)

($1 = 6.8250 yuan)