The price of rubber moves continued its weakening in trading this morning, Friday (17/11/2017) amid the strengthening Japanese yen.
The price of rubber for delivery in April 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.31 percent or 0.60 points to 190.50 yen per kilogram (kg) at 10:57 pm.
Previously, the price of rubber opened after stagnam trading on Thursday (16/11), ended down 0.98% or 1.90 points to 191.10 yen per kg.
In early trade, rubber prices briefly rose 1.5% to 193.9 yen per kg as investors retained commodity sales.
"Commodities are buoyed by speculation that low prices make market participants reluctant to sell rubber commodities," said Takaki Shigemoto, a JSC analyst, as quoted by Bloomberg.
However, rubber prices turned weaker following pressure from the strengthening performance of the Japanese yen. The yen was up 0.47 percent or 0.53 points at 112.53 yen per dollar at 11.22 pm.
Rubber has also lost 3.6 percent so far this week, and is on track for its biggest weekly loss since Sept. 29. Since the beginning of 2017, rubber has declined 27%.
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