Rubber prices moved higher in trading today, Wednesday (29/11/2017), following the strengthening of the NIkkei index and the weakening of the yen.
The price of rubber for delivery in May 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), rose 1.48% or 2.90 points to 198.90 yen per kilogram (kg) at 11:28 pm.
Previously, the May rubber futures contract opened up 0.05% at 196.10 level after yesterday's trading on Tuesday (11/28/2017), rubber prices closed stagnant at 196 yen per kg.
Kazuhiko Saito, brokerage analyst of Commodities Fujitomi, said Japan's Nikkei 225 index rally and a weaker Japanese yen helped boost rubber prices.
"However, the strengthening is limited by the weakening of crude oil prices," he said, as quoted by Bloomberg.
Meanwhile, Sansern Kaewkarmnerd, a Thai government spokesman, said Prime Minister Prayuth Chan-Otha called on rubber authorities to increase domestic rubber consumption by 50%.
The Nikkei 225 index was up 0.28% or 62.76 points to 22,549.0 at 11.31 WIB after opening at 22,613.96.
Meanwhile, today's yen exchange rate strengthened only 0.01% to 111.47 yen per dollar at 11:49 pm, after having weakened to 111.66 yen per US dollar.
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