The price of rubber for delivery in May 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.24% or 0.50 points at 204.80 yen per kilogram (kg).
Earlier, the May contract price opened down 0.15% or 0.30 points at 205, after trading on Thursday (14/12/2017) ended up 0.54% or 1.10 points at 205.30 yen per kg .
Throughout today's trading, rubber is moving in the range of 204,50-206,30. Today's rubber decline ended the rally for three consecutive trading days earlier.
According to Takaki Shigemoto, an analyst at research company JSC in Tokyo, rubber prices today affected the increase in inventory in Japan.
"An increase in stock in Japan shows that supply from Southeast Asian producers is abundant," Shigemoto said, as quoted by Bloomberg.
Japanese Rubber Trade Association data showed that the amount of raw rubber stock in warehouses increased by 9.6% compared to the previous period to 9,303 metric tons on Nov 30.
In addition to pressing the rubber, the yen continued to appreciate 0.14% or 0.16 points to 112.23 per US dollar at 13.45 Western Indonesia Time, after Thursday (14/12) ended up appreciating 0.13% at 112, 39.
As is known, the strengthening of the Japanese yen exchange rate against the US dollar makes the price of commodities traded in this currency to be relatively more expensive for overseas buyers. As a result, demand for these commodities has the potential to decline.
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