Rubber prices continued to slide even thrown from the 200 level in trading this morning, Thursday (12/10/2017), amid concern about the amount of inventory.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), fell 2.03% or 4.10 points to 197.60 yen per kilogram (kg) at 10:35 pm.
Previously, rubber prices opened down 0.35% or 0.70 points at 201 level after trading on Wednesday (11/10) ended with a decline of 0.05% at 201.70 level.
The March 2018 contract price of coal continued to trade on the fifth straight day after closing down 0.24% at 208 on Thursday (5/10).
"Concerns about rising inventories in China continue to weigh on the rubber market," said Takaki Shigemoto, an analyst at research firm JSC, as quoted by Bloomberg.
Total rubber stocks monitored by the Shanghai Futures Exchange rose 1.8% to 443,752 tonnes on Sept. 28, the 17th consecutive weekly gain.
Total inventories in Qingdao also rose 1.1% to 189,300 tonnes on Sept. 29.
In addition to weighing on the rubber, the yen today tracked up 0.10% or 0.11 points to 112.38 per dollar at 1041 GMT, after Wednesday (11/10) ended up depreciating 0.04% or 0, 04 points at the level of 112.49.
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