Rubber prices moved lower in trading this morning, Friday (5/1/2018), as investors prepare for a long holiday weekend which is the coming of age day or day of maturity.
The Day of Maturity is an official holiday in Japan that falls on Monday the second week in January.
The price of rubber for delivery in June 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), was down 0.77% or 1.60 points at 205.30 yen per kilogram (kg) at 10:35 pm.
Previously, June rubber futures opened up 0.05% or 0.1 point at 208.00 level, after the previous trading session on Thursday (4/1), the rubber ended up 0.1% or 0.2 point to the level of 206 , 9 yen per kg.
Naohiro Niimura from Market Risk Advisory said the weakening of rubber prices was triggered by investors selling ahead of the long weekend holiday in Japan.
"Investors are still worried that China will tighten its monetary policy, triggering pressure on demand," said Niimura, as quoted by Bloomberg.
Rubber prices weakened as the yen was also down 0.09% or 0.1 point to 112.85 per US dollar at 11:22 pm
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