Rubber prices moved lower in late trading today, Monday (27/11/2017), in line with the weakening of crude oil and the strengthening of the yen.
The price of rubber for delivery in April 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.1 percent or 0.20 points to 195.50 yen per kilogram (kg) at 10:34 pm.
Previously, rubber prices opened stagnant after trading last weekend, Friday (24/11), closed up 2.30% or 4.40 points to 195.70 yen per kg.
According to Kazuhiko Saito, an analyst at Fujitomi's commodity brokerage, said the stronger yen and weaker crude oil prices became a suppressive sentiment in the rubber market.
"However, the weakening was capped by rubber stocks in Shanghai, China, which declined sharply," Saito added, as quoted by Bloomberg.
China's rubber stocks monitored by the Shanghai Futures Exchange slumped 37% to 322,408 tonnes per week, down from the highest level since 2003.
Meanwhile, the price of West Texas Intermediate (WTI) oil fell 0.42% or 0.25 point to US $ 58.70 per barrel at 10:34 pm, after opening stagnant at the level of US $ 58.95 per barrel.
Supporting the rubber, the yen today strengthened 0.13 percent or 0.14 points to 111.39 per dollar at 10:39 pm.
No comments:
Post a Comment