The price of rubber rebounded more than 3% in today's trading on Wednesday (1/11/2017), in line with the weakening of the yen and positive US economic data.
The price of rubber for delivery in April 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), was observed jumping 3.06% or 5.90 points to 198.70 yen per kilogram (kg) at 10:57 pm.
Previously, rubber prices opened stagnant at 192.80 yen per kg after trading on Tuesday (31/10) ended down 1.43% or 2.80 points at 192.80 level.
"The strengthening of rubber commodity prices is driven by positive US economic data and the weakening of the yen," said Gu Jiong, an analyst with Yutaka Shoji, as quoted by Bloomberg.
The US consumer confidence index rose more than expected in October to the highest level in nearly 17 years as US citizens are more confident in the economy and the labor market.
Based on New York-based Conference Board data, the confidence index rose to 125.9, higher than analyst estimates of 121.5 and 120.6 in September.
Supporting rubber prices, the Japanese yen tumbled 0.18% to 113.85 yen per US dollar at 11.02 WIB.
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