Rubber prices moved lower in trading today, Monday (29/1/2018) following the rise of China's rubber reserves.
The price of rubber for delivery in June 2018 on the Tokyo Commodity Exchange (Tocom), fell 2.64% or 5.4 points to 199.20 yen per kg at 10:52 pm.
Previously, June rubber contract price opened with a weakening 0.44% or 0.9 points at 204.60 position, after trading on Friday (26/1/2018) ended up 0.44% or 0.9 points at 204.60 position .
According to Gu Jiong, an analyst from commodity broker Yutaka Shoji, the weakening of rubber prices today is influenced by the increase of rubber reserves in China, which impact on the decrease of import demand.
According to Shanghai Futures Exchange data, China's rubber reserves rose 0.9% to 419.310 tons last week, the highest level since November 16, 2017.
Meanwhile, based on data from the Rubber Trade Association of Japan, rubber inventories in Japanese warehouses rose 0.2% to 12,294 metric tons on January 10, 2018 compared with levels achieved in the previous period.
Meanwhile, the Japanese yen exchange rate was down 0.11% or 0.12 points to the level of 108.7 yen per US dollar at 11:12 pm.
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