Rubber prices moved lower on the second day of trading in a row, Wednesday (17/1/2018).
The price of rubber for delivery in June 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), fell 1.27% or 2.70 points to 214 yen per kilogram (kg) at 10,37 WIB.
Previously, June's rubber contract price opened with a weakening of 0.05% or 0.10 points at 212.80 level after trading on Tuesday (16/1) ended down 0.88% at 212.90 position.
Analysts from commodity broker Yutaka Shoji, Gu Jiong said concerns over an increase in rubber stocks gave negative sentiment to rubber prices.
"Raw material is currently abundant because farmers in Thailand continue to wiretap and still export rubber," he said, as quoted by Bloomberg.
Based on data from the Japan Rubber Trade Association, Japan's rubber reserves increased 14.4% to 12,267 tons. The Chinese rubber stocks monitored by the Shanghai Futures Exchange increased to 405,040 tonnes last week, the highest since November 16.
Rubber prices weakened even at the same time the performance of the yen weakened. The yen today depreciated 0.15% or 0.17 points to as low as 110.62 per US dollar at 11:01 pm.
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