The price of rubber turned weaker on trading today, Monday (16/10/2017), although it had moved higher than 200 in the morning.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), was down 0.35 percent or 0.70 points to 201 yen per dollar at 10:56 pm.
Previously, the rubber price opened with a gain of 0.1% or 0.20 point at 201.90 level after trading on Friday (13/10) ended down 2.28% to 201.70.
Despite weakening, rubber prices briefly rose to as low as 204.20 yen per kg, capped by the strengthening of crude oil prices.
According to Takaki Shigemoto, an analyst said that, the rally in crude oil prices increased speculation the cost of producing synthetic rubber will increase, thereby contributing to the demand for natural rubber.
"The increase in automotive sales and the optimism of global growth also boosted investor interest in this commodity," said Shigemoto, as quoted by Bloomberg.
Car sales in China reported up 3.3% in September, buoyed by demand for premium cars.
Meanwhile, today's yen exchange rate is down 0.11% or 0.12 points to 111.94 yen per US dollar at 11.38 WIB.
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