Rubber prices slumped more than 4% in trading this morning, Wednesday (15/11/2017), depressed by several factors such as increasing reserves.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), slumped 4.11% or 8.30 points to 193.70 yen per kilogram (kg) at 10:27 pm.
Previously, rubber prices opened up 0.05% or 0.1 point to 202.10 yen per kg after trading on Tuesday (14/11), ended up 0.05% to 202.
According to He Lihong, an analyst at SHZQ Futures, the weakening of rubber prices is triggered by the increase of rubber stocks, which are considered not to support the price of raw rubber rubber.
"In addition, downstream demand has also not shown an increase," he said, as quoted by Bloomberg.
He added that the decline in rubber prices is also in line with the weakening of basic metal prices because market participants are beginning to be more cautious.
Also pressing the price of rubber, Japan's yen exchange rate rose 0.20% or 0.23 points to 113.23 yen per US dollar at 10:35 pm.
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