Rubber prices tumbled more than two percent in late trading today, Tuesday (17/10/2017), depressed by worries about excess supply.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 2.69% or 5.40 points at 195.60 yen per kilogram (kg).
Previously, rubber prices opened down 0.30% or 0.60 points at 200.40 level after on Monday (16/10) ended down 0.35% at 201 level.
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, rubber prices weakened due to weighing concerns about rising supply in China.
"It triggers sales from investors," Saito said, as quoted by Bloomberg.
Total rubber stocks monitored by the Shanghai Futures Exchange rose 3.6% to 459,732 tonnes as of Oct. 12, the 18th consecutive weekly rise.
Meanwhile, according to data from the Ministry of Commerce, Thailand's rubber exports increased 24.6% (y-o-y) in August.
Rubber prices tumbled even at the same time the performance of the yen weakened for the second day in a row
The yen continued to weaken 0.04% or 0.05 point to 112.24 per dollar at 14.00 Western Indonesia Time, after Monday (16/10) ended down 0.30% at 112.19.
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