Rubber price continues to correction until the end of trading today, Wednesday (7/6/2017), due to depressed by the increase in the amount of rubber reserves in China
The price of rubber for delivery in November 2017, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.16% or 0.30 points to 185.50 yen per kilogram (kg).
Earlier this morning, rubber prices opened down 0.54% or 1.00 points at 184.80 yen per kg position.
In the trade on Tuesday (6/6), the contract price of November 2017 closed down 2.98% or 5.70 points to the position of 184.80.
According to analysts of brokers Yutaka Shoji, Gu Jiong, the pressure on rubber is due to the high amount of rubber reserves in China. The total reserves monitored by the Shanghai Futures Exchange rose 17% so far this year.
"High reserves in China have been pressuring prices amid concerns over slowing demand," said Gu Jiong, as quoted by Bloomberg.
Gu Jiong added, buyers are seen not in a hurry to buy physical rubber.
In addition to pressing the rubber, the yen exchange rate was observed to rise 0.05% or 0.06 points to 109.36 yen per US dollar at 13:57 pm, after yesterday ended with a sharp rebound of almost 1% at 109.42.
Meanwhile, the Nikkei 225 index in trading today closed up 0.02% or 4.72 points to 19,984.62.
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