Rubber prices slipped into the red zone at the end of trading today, Tuesday (16/1/2018), after being able to record sharp gains for two consecutive days before.
The price of rubber for delivery in June 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.88% or 1.90 points at 212.90 yen per kilogram (kg).
Previously, June's rubber contract price opened with a slight increase of 0.05% or 0.10 point at 214.90, after trading Monday (15/1) ended up 2.04% at 214.80 position.
JSC analyst Takaki Shigemoto expressed concerns that rising tire raw material prices in recent days could trigger a fall in demand from investors.
"This will cause the inventory of rubber stocks will continue to increase," said Shigemoto, 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 tons last week, the highest level since November 16.
Rubber prices weakened even at the same time the performance of the yen weakened. The observed yen depreciated 0.25% or 0.28 points to 110.82 per dollar at 13.49 pm, after Monday (15/1) ended up 0.46% at 110.54.
In line with rubber, Brent oil price is currently down 0.38% or 0.27 points to US $ 69.99 per barrel at 13.40 WIB, after breaking the 70 level at the end of trading yesterday.
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