Rubber prices managed to post a rebound in late trading today, Monday (2/10/2017), along with the continued depreciation of the yen against the US dollar.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 0.30% or 0.60 points to 202.40 yen per kilogram (kg).
Previously, rubber prices opened with a gain of 0.64% or 1.30 points at 203.10 yen per kg position, after trading on Friday (29/9) ended down almost 2% at position 201.80.
Despite gains, rubber prices are still moving in the range of the lowest level in the last two months amid rising Chinese rubber reserves.
Reported by Bloomberg, China's rubber reserves monitored by the Shanghai Futures Exchange rose to 443,752 tons last week, a 17-week consecutive gain in a row.
"Increase in reserves in China raises concerns that high local (rubber) production may depress import demand," said Takaki Shigemoto, a JSC analyst, as quoted by Bloomberg.
Following rubber, the yen continued to weaken 0.33% or 0.37 points to 112.90 per dollar at 13.42 pm, after Friday (29/9) ended down 0.17% at 112.53 .
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