Rubber prices closed lower in trading today, Thursday (14/09/2017), stopping the rally posted a few days earlier, following the release of China's latest economic data.
The price of rubber for delivery in February 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 1.34% or 3.10 points to 227.90 yen per kilogram (kg).
Previously, rubber prices opened stagnant at 231 yen per kg position, after trading on Wednesday (13/9) ended with a gain of almost one percent.
According to Korakod Kittipol, marketing manager of Thai Hua Rubber, the burgeoning rubber market releases China's latest economic data showing slowing.
"Economic data from China that was weaker than expected prompted some investors to abandon post-strengthening positions recently," he said, as quoted by Bloomberg.
China's economy unexpectedly slowed further last month, after a lackluster performance in July. Industrial production data, retail sales, and fixed asset investments experienced sluggish gains.
As reported by Bloomberg, industrial production rose 6% in August compared with a year earlier.
This figure is smaller than the average predictions of economists of 6.6 %% and achievement in July of 6.4%. Not only that, the industrial production figures last month is the slowest rate of increase this year.
Meanwhile, retail sales rose 10.1% from a year earlier, lower than the 10.5% forecast and July's 10.4%. Retail sales also experienced sluggish gains this year.
The fixed asset investment in urban areas rose 7.8% during the first eight months of this year compared to the same period the previous year. This figure is smaller than the predicted increase of 8.2% as well as slowest since 1999.
On the other hand, the yen appreciated 0.01% or 0.01 points to 110.48 yen per US dollar at 14:05 pm.
STATEMENT OF IRCO
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