The price of rubber for delivery in May 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), rose 0.39% or 0.80 points to 203.80 yen per kg at 10:48 pm.
Earlier, the May rubber futures contract opened with a 0.10% rise or 0.20 point at 203.20, after trading Monday (11/12/2017) ended down 0.54% or 1.10 points at 203 yen kg.
In fact, the price of rubber had moved in the negative zone with the weakening 0.3% to the level of 202.50 yen per kg at 11:51 am local time.
According to Kazuhiko Saito, an analyst at Fujitomi, continuing concerns about sluggish demand in China weighed on rubber sentiment, with some investors looking forward to more details on a plan of restrictions by major exporters.
Indonesia, Malaysia and Thailand are rumored to be reimposing the rubber export restriction scheme by December 2017 to lift the price of the commodity in the global market.
The three major rubber producing countries that are members of International Tripartite Rubber Council (ITRC) consider the impact of the world rubber price decline, especially for the welfare of small farmers.
In line with rubber, West Texas Intermediate (WTI) oil prices for January delivery were up 0.52% or 0.30 points to US $ 58.29 per barrel at 10:44 pm.
The price of Brent oil delivery in February 2018 rose 0.97% or 0.62 points to as low as US $ 65.32 per barrel.
The Forties Pipeline System activity, one of the most important oil channels in the world, has to be stopped completely after a crack has been discovered. According to a spokesman for the pipeline operator, Ineos, the repairs will take about two weeks.
The announcement boosted prices that have largely been muted in the past week after a major OPEC deal to extend production restrictions by the end of 2018.
Rubber prices are able to strengthen when the performance of the Japanese yen appreciates. The yen appreciated by 0.06% or 0.07 point to 113.50 per US dollar at 10:53 pm, after Monday (11/12) ended down 0.08% at 113.57.
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