Rubber prices closed a sharp rebound on trading today, Wednesday (14/06/2017).
The price of rubber for delivery in November 2017, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 5.99% or 11.10 points to 196.40 yen per kilogram (kg).
This morning, rubber prices had resumed its correction after opening with a weakening of 0.92% or 1.70 points at 183.60 yen per kg position.
According to Fujitomi analyst Kazuhiko Saito, the strengthening of rubber prices is driven by the possibility of export cuts.
"Concerns about the possibility of export cuts help lift prices," Saito said, as quoted by Bloomberg.
Thai Rubber Trade Authority said that the country will hold talks with Indonesia and Malaysia to try to stabilize rubber prices.
One that will be discussed in the meeting is a step of export restrictions.
Meanwhile, the yen exchange rate this morning observed rose 0.05% or 0.06 points to 110.01 yen per US dollar at 13:24 pm.
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