The price of rubber moves continued its weakening in trading this morning, Thursday (16/11/2017), amid rising Chinese rubber reserves.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), fell 0.47% or 0.90 points to 192.10 yen per kilogram (kg) at 10:06 pm.
Previously, rubber prices opened down 0.36% or 0.70 points to 192.30 yen per kg after trading on Wednesday (15/11), ended down 4.46% or 9 points to 193 yen per kg.
Analysts from Yutaka Shoji, Gu Jiong said rubber prices were pressured by concerns over high rubber stocks in China.
"In addition, increased supply from rubber-producing countries also weighed on the market," he said, as quoted by Bloomberg.
Based on data from Shanghai Futures Exchange, China's rubber reserves increased 2.2% to 499,279 tons last week. This is an improvement in the 22nd week in a row.
Meanwhile, the Japanese yen exchange rate weakened 0.07% or 0.08 point to 112.96 yen per US dollar at 10:44 pm.
No comments:
Post a Comment