The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 1.68% or 3.40 points at 205.80 yen per kilogram (kg).
Previously, rubber prices opened stagnant at 202.40 yen per kg position, after trading on Monday (2/10) ended up 0.30% or 0.60 points.
According to Gu Jiong, analyst Yutaka Shoji, rubber prices are driven by the weakening of the yen and the strengthening of the stock movement on the Nikkei index.
"The strengthening of the Nikkei and the weakening Japanese yen helped rubber prices on the Tocom bourse continue its gains," he said, as quoted by Bloomberg.
The yen continued to weaken 0.19% or 0.21 points to 112.97 per dollar at 13.34 Western Indonesia time, after Monday (2/10) ended down 0.20% at 112.76.
Meanwhile, the Nikkei 225 index today ended up 1.05% or 213.29 points at 20,614.07.
Followed by Gu Jiong, the low amount of rubber reserves in Japan also contributed to the price. Japan's raw rubber inventories were reported down 3.3% to 6,216 tonnes.
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