Rubber prices on the Japanese commodity bourse moved higher in early trading in 2018 after the New Year holiday on Thursday (4/1/2018).
The price of rubber for delivery in June 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), was observed to rise 0.05% or 0.1 point at 206.80 yen per kg at 10:44 pm.
Previously, the May rubber futures contract opened up 0.19% or 0.4 points at 207.10, after the last trading in 2017 on Friday (29/12), the rubber ended down 1.38% or 2.9 points to the level 206.7 yen per kg.
According to Naohiro Niimura, a parent in Market Risk Advisory, positive sentiment from the stock market as well as rising crude oil prices are driving rubber prices today.
"The sentiment towards the rubber market is getting more positive following the optimism about rising demand from China," said Niimura, as quoted by Bloomberg.
However, Niimura added, the downside risk in the next three months still exists because China is expected to tighten its monetary policy.
Supporting rubber prices, the yen was down 0.11 percent or 0.12 points to 112.63 per dollar at 11:51 pm.
No comments:
Post a Comment