The price of rubber ended up nearly two percent in today's trading on Wednesday (29/11/2017), along with a rebound in the Japanese stock exchange.
The price of rubber for delivery in May 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), ended up 1.79% at 199.50 yen per kilogram (kg).
Earlier, the May contract rubber price opened with a 0.05% rise at 196.10 level, after on Tuesday (28/11) only ended stagnant at 199.50 position.
According to Kazuhiko Saito, an analyst at commodity brokerage firm Fujitomi, the Nikkei 225 Japan index rally helped boost rubber prices.
"However, the strengthening is limited by the weakening of crude oil prices," he said, as quoted by Bloomberg.
Both the Topix and Japan's Nikkei 225 indexes posted a rebound in trading today, even after news reports about the ballistic missile launch by North Korea.
The Topix index today opened in the green zone with a gain of 0.67% or 11.84 points at 1,783.91 and closed up 0.79% or 14.08 points at 1,786.15.
The Nikkei 225 index ended up 0.49% or 110.96 points at 22,597.20, after opening with a strengthening of 0.57% or 127.72 points at 22,613.96 position.
Investors seem to ignore the launch of intercontinental ballistic missiles this morning and tend to scrutinize the US tax cuts planned by President Donald Trump.
"North Korea has repeatedly launched missiles and its technology has grown, but that may not directly affect Japan's fundamentals unless it leads to a military conflict," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities Co., as quoted by Bloomberg.
On the other hand, West Texas Intermediate (WTI) oil price for January delivery was down 0.36% or 0.21 points to US $ 57.78 per barrel at 14.10 WIB.
Meanwhile, the yen appreciated by 0.02%, or 0.02 point, to 111.46 per dollar at 13.42 pm, after dropping 0.35% on Tuesday (28/11) to 111.48 .
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