Rubber price rally remained on the fourth day of trading in a row on Tuesday (7/11/2017), supported by the movement of crude oil prices and several other factors.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), rose 0.20% or 0.40 points to 205.40 yen per kilogram (kg) at 10:19 pm.
Previously, the rubber price opened with a gain of 0.39% or 0.80 points at position 205.80 after trading Monday (6/11) ended up 2.60% at 205.
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, the price of crude oil is one of the factors driving the price of rubber to stay strong.
"Higher oil prices and a weaker yen support rubber prices," he said, as quoted by Bloomberg.
In addition, prolonged rainfall in Thailand's southern region also raises concerns about the disruption of rubber supplies which necessarily lift the price of these commodities.
US crude oil prices climbed and broke through $ 57 a barrel on Monday, boosted by a series of events that began with arrests among Saudi elites.
The price of West Texas Intermediate oil for December 2017 shipments ended up jumping 3.1% or US $ 1.71 at the level of US $ 57.35 per barrel on the New York Mercantile Exchange.
Despite this morning, WTI oil prices were down 0.12% or 0.07 points to 57.28 at 10:17 am, still trading at the highest level in two years.
Meanwhile, the yen exchange rate was down 0.14% or 0.16 points to 113.87 per US dollar at 10:25 pm, after Monday (6/11) ended up 0.31% at 113.71.
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