Rubber prices strengthened in trading this morning, Wednesday (10/1/2018), in line with the continuation of the crude oil price rally.
The June rubber price movement for delivery in June 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), rose 0.53 percent, or 1.10 points, to 207 yen per kilogram (kg) at 10:25 pm.
Previously, June's rubber contract price opened with a 0.10% rise or 0.20 point at 206.10, after trading Monday (9/1) ended up 0.54% at 205.90.
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, a rally on oil boosted speculation that the price of synthetic rubber will rise.
"Thus, the purchase by investors was encouraged," he added, as quoted from Bloomberg.
The price of West Texas Intermediate oil for February delivery was up 0.78% or 0.49 points to US $ 63.45 per barrel at 10:21 AM, after trading on Tuesday (9/1) ended up 1.99% at position 62.96.
Oil prices continued to strengthen this morning after the American Petroleum Institute (API) reported US oil inventories fell 11.2 million barrels last week.
That figure is almost three times the forecast in a Bloomberg survey and will be the biggest decline since 1999, if the Energy Information Administration data released today (Wednesday, 10/1) show the same thing.
Rubber prices are able to continue to strengthen even as the yen appreciation continues. The yen continued to appreciate 0.33% or 0.37 points to 112.28 per US dollar at 10:31 am, after on Tuesday (9/1) ended up 0.39% at 112.65.
No comments:
Post a Comment