Rubber prices weakened again in early trading today, Thursday (05/10/2017), following the weakening of crude oil prices.
The price of rubber for delivery in March 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.19 percent or 0.40 points to 208.10 yen per kilogram (kg) at 1036 GMT.
Previously, rubber prices opened up 0.34% after trading yesterday, Wednesday (4/10), and closed up 1.31% or 2.70 points to the level of 208.50 yen per kg.
"Weakening oil prices weighed on rubber prices, amid the lack of fundamental sentiments that support prices," said Naohiro Niimura from Market Risk Advisory, as quoted by Bloomberg.
As is known, the price of rubber associated with crude oil which is the raw material of synthetic rubber production. The decline in oil prices makes the cost of synthetic rubber production cheaper so that interest in raw rubber becomes reduced.
The price of West Texas Intermediate crude oil for November contract was down 0.02 points or 0.04% to US $ 49.96 per barrel at 10:47 pm.
Meanwhile, the Japanese yen appreciated by 0.02% or 0.02 point to 112.74 yen per US dollar.
No comments:
Post a Comment