Rubber prices rose nearly two percent in trading this morning, Monday (18/12/2017), among which encouraged Thai efforts to boost the price of this commodity.
The price of rubber for delivery in May 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), rose 1.76 percent or 3.60 points to 208.40 yen per kilogram (kg) at 10:20 pm.
Earlier, the May contract rubber price opened up 0.24% or 0.50 points at 205.30, after trading on Friday (15/12/2017) ended down 0.24% or 0.50 points at 204.80 yen per kg.
According to Felix Yeo, Director of RCMA Asia Pte. in Singapore, Thailand's move to boost prices boosted the rubber market in Tocom this morning.
Reported by Bloomberg, Thailand's natural rubber policy committee approved the implementation of a number of measures to help rubber farmers.
"The government will provide 20 billion baht in loans as working capital for producers to reduce rubber supplies by 350,000 tons," the Thai government said in a statement, as quoted by Bloomberg.
The government will also provide loans worth 15 billion baht to boost rubber production that will help drive more domestic consumption.
Not only the efforts of Thailand, rubber prices also get a boost from the strengthening of China's industrial metal.
The price of iron ore for May contracts reportedly rose 3.7% to 527 yuan / ton on the Dalian Commodities Exchange at 10:06 am EDT, preparing for the highest closing level in almost two weeks.
"The domestic ore market is stabilizing as tightening supplies of materials have pushed prices in the short term," said Shanghai Cifco Futures.
Supporting rubber, the yen advanced yen depreciated 0.06% or 0.07 points to 112.67 per dollar at 10:26 Western Indonesia Time, after Friday ended 15.19% at 112, 60.
No comments:
Post a Comment