Weakening rubber prices continued in the third consecutive day trading on Tuesday (10/10/2017), with a decline of more than two percent.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), dropped 2.56% or 5.30 points to 201.90 yen per kg at 10:52 pm.
Previously, rubber prices opened down 0.10% or 0.20 points at 207 levels after the last trading before the long weekend holiday on Friday (6/10) ended down 0.38% at 207.20 level.
According to Gu Jiong, analyst Yutaka Shoji, rubber prices are affected concerns about the amount of inventory.
"Rubber prices on the Tocom bourse are trailing weakness in Shanghai amid concerns about high levels of inventories in China," Gu Jiong said, as quoted by Bloomberg.
In Monday's trade (9/10), January-delivery rubber prices on the Shanghai Futures Exchange slumped 1.1% to 13,350 yuan, the lowest level for the most-active contract since July 13.
Meanwhile, the amount of rubber stocks monitored by the Shanghai Futures Exchange rose 1.8% to 443,752 tons on Sept. 28, the 17th consecutive weekly rise. Total inventories in Qingdao also rose 1.1% to 189,300 tonnes on Sept. 29.
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