Japanese car makers shut shop, TOCOM April rubber contract suspended

TOKYO (Commodity Online) : With the Japanese car makers shutting shop, April rubber contract in Tokyo Commodity Exchange (TOCOM) was suspended as it hit the circuit breakers when it tumbled 30 yen to reach 378.4 yen.
August contract of rubber was down 4.5% or 17.9 yen and reached 383.5 yen a kilogram ($4,665 a metric ton), reported www.bloomberg.com. August contract is the most active contract.
It is assumed that people in Japan are now selling commodities for cash.
Honda and Nissan, among of the largest manufacturers of automobiles have halted operations. Toyota will keep shut its plants on 15 and 16 while Isuzu will be closed until March 18. Hino Motors would be closed until March 18 too.
Nissan has reported damage to 2300 new vehicles and minor damages to four of its factories.
At National Multi Commodity Exchange, India rubber for April-delivery was down 4% at Rs. 19779 a ton.

(Source: http://www.commodityonline.com/news/Japanese-car-makers-shut-shop-TOCOM-April-rubber-contract-suspended-37189-3-1.html)