Rubber prices move in positive territory in trading this morning, Tuesday (9/1/2018), the first trade post long holiday weekend, in line with the strengthening of crude oil prices.
The June rubber price movement for delivery in June 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), rose 0.29% or 0.60 points to 205.40 yen per kilogram (kg) at 10:26 pm.
Previously, June's rubber contract price opened with a gain of 0.34% or 0.70 points at 205.50 level, after the last trading before the long weekend on Friday ended down 1.01% at 204.80 position.
According to Takaki Shigemoto, an analyst at research company JSC, the oil rally prompted speculation about the potential rise in prices of synthetic rubber.
The price of West Texas Intermediate oil for February delivery was up 0.81 percent or 0.50 points to US $ 62.23 per barrel at 10:22 pm, after trading on Monday (8/1) ended up 0.47 percent in position 61.73.
Oil prices extended gains above $ 62 a barrel in line with an expected decline in US crude stockpiles.
"However, an increase in the amount of stock in China limits the gains in the rubber market," Shigemoto added, as quoted by Bloomberg.
According to data from Shanghai Futures Exchange (SHFE), the number of rubber stocks rose 3.5% to 396,857 tons last week, an increase in the sixth week.
On the other hand, the yen appreciated to rise 0.38% or 0.43 points to 112.66 per dollar as of 1032 GMT, after Monday (8/1) ended up depreciating 0.03% thin at 113, 09
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