Rubber prices continued weakening in trading today, Wednesday (31/1/2018).
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom) was down 1.43% or 2.80 points to 192.70 yen per kilogram (kg) at 10:47 am EDT.
Previously, the July rubber contract price opened with a weaker 0.15% or 0.3 points in 195.20 position after trading on Tuesday (30/1) closed down 1.31% or 2.60 points at 195.50 yen position.
Analysts from commodity broker Yutaka Shoji, Gu Jiong said the weakening of the Nikkei index and concerns about high rubber stocks put pressure on prices.
Today's Nikkei Index is observed to turn up 0.23% after slipping to 23,199 in early trading today.
China's rubber reserves monitored by the Shanghai Futures Exchange increased 0.9% last week to 419,310 tonnes, while Japan's rubber reserves increased 0.2% to 12,294 tonnes.
Meanwhile, the Japanese yen exchange rate was down 0.1% or 0.11 points to the level of 108.89 yen per US dollar at 11:04 pm.
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