The price of rubber headed for a rally of eight consecutive days this morning, Thursday, June 8, 2017.
The price of rubber for delivery in November 2017, the most active contract on the Tokyo Commodity Exchange (Tocom), was down 1.08 percent or 2 points at 183.50 yen per kilogram (kg) at 1016 GMT.
Earlier this morning, rubber prices opened down 0.54 percent or 1.00 points at 184.50 yen per kg position. In trading Wednesday, May 7, 2017, the contract price of November 2017 closed closed down 0.16 percent or 0.30 points to 185.50 yen per kg position.
Naohiro Niimura, a partner at Market risk Advisory, said market participants were worried about the slowdown in China's economic growth. In addition, China's high crude rubber inventory levels also weighed on the market. "Investors are currently waiting and see because they want to find evidence that the economy has stabilized," said Niimura, as quoted by Bloomberg.
Meanwhile, today's yen exchange rate was observed to weaken 0.08 percent or 0.09 points to 109.91 yen per US dollar at 1041 GMT.
No comments:
Post a Comment