The weakening of rubber prices continued at the close of the third consecutive trading day on Tuesday (19/09/2017), weighed by concerns of higher stocks.
The price of rubber for delivery in February 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 3.53% or 7.80 points at 213.40 yen per kilogram (kg), the lowest level in the entire contract period.
Previously, rubber prices opened down 0.45% or 1 point at 220.20 yen per kg, after the last trade before the Japanese holiday on Friday ended with a nearly three per cent drop.
Kazuhiko Saito, an analyst at Fujitomi, said the Shanghai commodity bourse slumped Monday amid concern supply increases gave negative sentiment to the market.
"These concerns sparked a sell-off on the Tocom Japan bourse," Saito said, as quoted by Bloomberg.
January-delivery rubber prices on the Shanghai Futures Exchange plunged 3.3% on Monday, to the lowest close for the most-active contract since July 28.
Meanwhile, the number of stocks monitored by the Shanghai Futures Exchange rose 2% to 430,735 tonnes on Sept. 14, the highest level since at least 2003.
Rubber prices continued to fall even at the same time the performance of the yen currency further weakened. The yen fell 0.13% or 0.15 points to 111.72 per US dollar at 13.52 pm, after Monday (18/9) ended depreciating 0.66% at 111.57.
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