Rubber prices jumped more than two percent in late trading today, Friday (24/11/2017), in line with the crude oil rally.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 2.30% or 4.40 points to 195.70 yen per kilogram (kg).
Previously, the movement of rubber prices opened with a rise of 0.31% or 0.60 points at 191.90, after the last trade before the national holiday on Wednesday (22/11) closed up 0.68% or 1.30 points at level 191 , 30.
According to Gu Jiong, an analyst at Yutaka Shoji, the strengthening of rubber prices on the Tocom bourse followed the movement in the Shanghai market.
"In addition, rising oil prices also helped sustain prices," added Shoji, as quoted by Bloomberg.
The price of rubber for January delivery on the Shanghai Futures Exchange gained 1.17 percent to 13,845 yuan a ton at 1339 GMT.
Meanwhile, the price of West Texas Intermediate (WTI) oil rose 0.69% or 0.40 points to US $ 58.42 per barrel at 13:44 pm, after trading on Wednesday (22/11) ended up 2.09% 58.02.
US crude oil prices continued to rally above $ 58 a barrel, after supply disruptions on the Keystone oil pipeline added to optimism over limited US supplies.
Supporting the rubber, the yen exchange rate today was down 0.26% or 0.29 points to 111.51 per dollar at 13.55 WIB, after Thursday's trade ended appreciating 0.01% at 111.21.
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