Rubber prices tumbled more than two percent in late trading on Monday (30/10/2017), in line with continued increases in rubber inventories in China.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), ended down 2.44% or 4.90 points at 195.60 yen per kilogram (kg).
Previously, rubber prices opened down 0.15% or 0.30 points at 200.20 level after trading on Friday (27/10) ended down 0.89% at 200.50 level.
"The continued upturn in inventory numbers in China has been detrimental to rubber market sentiment," said Gu Jiong, an analyst at Yutaka Shoji in Tokyo, as quoted by Bloomberg.
Total rubber stocks monitored by the Shanghai Futures Exchange rose 3% to 478,168 tonnes on Oct. 26, an increase for the 20th consecutive week.
Also pressuring the price of this commodity, the yen appreciated by 0.01% or 0.01 point to 113.66 per dollar at 13.49 WIB, after Friday (27/10) ended appreciating 0.27% at 113 , 67.
In contrast to rubber, West Texas Intermediate oil price for December 2017 shipment was followed up 0.20% or 0.11 point to US $ 54.01 per barrel at 14.13 WIB, after opening with 0.48% strengthening at position 54, 16.
Brent oil futures for December delivery rose 0.12 percent to $ 60.51 a barrel after Friday's close of 1.92 percent at 60.44.
The rise in world crude oil prices has been supported by extension of production cuts by producers in a bid to tackle global supply surplus and the weakening of the US dollar.
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