Rubber price rebounded in morning trading today, Thursday (18/1/2018) following the strengthening of the Japanese yen exchange rate
The price of rubber for delivery in June 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), gained 1.38 percent or 2.90 points to 212.40 yen per kilogram (kg) at 10:47 pm.
Previously, June's rubber contract price opened with a 0.05% decline or 0.1 point to 209.40 level after trading Wednesday (17/1 /) ended down 1.6% or 3.4 points to 209.50 yen pos kg.
Analysts at Sunward Trading's commodity brokerage Hideshi Matsunaga said rubber prices rebounded as the yen exchange rate against the US dollar weakened spurring investor interest in buying back.
"However, the strengthening is still limited because there are still concerns about the increase in rubber supply," he said, as quoted by Bloombeeg.
Previously, the Japan Rubber Trading Association reported 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 0.12% or 0.13 points to the 111.42 level per US dollar at
No comments:
Post a Comment