Rubber prices moved lower on trading today, Thursday (30/11/2017).
The price of rubber for delivery in May 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.45% or 0.90 points to 198.60 yen per kilogram (kg) at 10:58 pm.
Earlier, the May rubber futures contract opened 0.20% lower at 199.10 level after yesterday's trading on Wednesday (11/29/2017), rubber prices closed up 1.79% to 199.50 yen per kg.
Gu Jiong, analyst of Yutaka Shoji, said that the weakening of rubber price was influenced by the weakening of crude oil price yesterday.
Reported by Bloomberg, the price of crude oil on Wednesday (29.11) depressed following doubts about the planned extension of supply-cutting efforts among the world's largest oil exporters.
The West Texas Intermediate (WTI) oil price for January delivery settled down 1.2% at $ 57.30 a barrel. Brent North Sea crude for January delivery settled down 50 cents at $ 63.11 a barrel on the London-based ICE Futures Europe exchange.
In today's trading, WTI was up 0.24 percent to $ 57.44 a barrel, while Brent oil gained 0.51 percent to $ 63.43 a barrel.
Meanwhile, today's yen exchange rate is down 0.08% or 0.09 points to the level of 112.02 yen per US dollar at 11:57 pm.
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