The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), jumped 2.35% or 4.70 points to 204.50 yen per kilogram (kg) at 1043 WIB.
Previously, rubber prices opened down 0.10% or 0.20 points at 199.60 position after the last trading before the long weekend holiday on Thursday (2/11) ended up 0.71% at 199.80 level.
According to Gu Jiong, an analyst at Yutaka Shoji, rubber prices poured a boost from the weakening yen.
"The weakening of the yen as well as efforts by producers to shore up prices has helped boost the gains," he said, as quoted by Bloomberg.
Rubber producers are rumored to be considering measures to boost prices. Kongsi (JV) Rubber Thailand will also continue to buy rubber to boost prices.
Meanwhile, the yen exchange rate was observed to weaken 0.25% or 0.28 points to 114.34 position per US dollar at 10:49 pm, after Friday (3/11) ended up appreciating 0.03% thin at 114.06 .
COMMENT: IN AUCTION MARKET, THAI GOV JUST BUY LIMITARY 400 TONS/DAY. SO IT IS RUMMOR THAT THEY ARE BUYING LOCAL TO BOOST PRICE.
- NR inventories at SHFE warehouses increased to fresh record high levels of 488.64 thousand tons by the week ending 3rd Nov from 478.17 thousand tons a week earlier
- Thailand’s NR production in the last quarter (Jul – Sep) increased to 1.29 million tons, 5% higher than 1.23 million tons during same period last year. After sharp downturn in production during the first three months due to the flood conditions, NR production in Thailand started to pick up gradually from the month of May.
- Moving forward, favorable weather conditions and increase in tapping acreage is expected to keep the NR production higher by 7.4% YoY, increasing to 1.32 million tons in the Oct-Dec period compared to 1.22 million tons during same quarter last year and about 2.1% higher compared to Jul – Sep quarter.
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