The price of rubber for delivery in May 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.46% or 0.90 points to 195.10 yen per kilogram (kg) at 1031 GMT.
Earlier, the May contract price opened lower by 0.05% at 195.90. The price for April 2018 contract was down 0.21% to 193.80 yen per kg after yesterday's trading closed down 0.77%.
Kazunori Kokubo, managing director of Yutaka Shoji Singapore, said rubber prices were pressured by weakening of crude oil, triggering a sell-off of this commodity.
Japanese rubber inventories were up 8.3% at 6,262 tons. 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, West Texas Intermediate (WTI) oil prices fell 0.65% or 0.38 points to US $ 57.73 per barrel at 1043 WIB.
The weakening of oil is triggered by the start of the recovery of pipelines that drain the crude oil from the Alberta oil field to the US crude oil trading center
Reported by Reuters, TransCanada Corp. said that the Keystone crude pipeline will start at a low pressure today (28/11) after two weeks of leaking 5,000 barrels of crude oil in the South Dakota countryside.
The Calgary-based company said that the U.S Pipeline Hazardous Materials Safety Administration (PHMSA) is reviewing the repair and recovery plan.
On the other hand, today's yen exchange rate is observed to weaken 0.08% or 0.09 point to 111.18 position per US dollar at 10:54 pm.
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