Movement of rubber price only ended stagnant in trading today, Tuesday (27/2/2018), weighed by sentiment of commodity stock increase.
The price of rubber for delivery in August 2018 at Tokyo Commodity Exchange (Tocom), closed at 193.80 yen per kilogram (kg).
Earlier, the price of the August rubber contract opened up 0.36% or 0.70 points at 194.50 yen per kg, after trading Monday (26/2) closed up 2.76% or 5.2 points.
According to Gu Jiong, an analyst with commodity broker Yutaka Shoji in Tokyo, high rubber stocks in China weighed on the price of this commodity.
The rubber stocks monitored by the Shanghai Futures Exchange increased 0.1% to 434,550 tonnes last week. This is an increase for 13 weeks in a row.
Also weighing on rubber, the yen appreciated 0.07% or 0.08 points to 106.86 per US dollar at 14.17 pm, having opened with a thin 0.01% appreciation at 106.93.
Meanwhile, the price of WTI oil in April 2018 contract slipped into the red zone with a decline of 0.05% or 0.03 point to US $ 63.88 per barrel at 14.10 WIB, after on Monday (26/2) ended up 0, 57% at position 63.91.
On the other hand, the Japanese stock market rally continued at the end of the third day of trading in a row, following the rally of US stock market (US).
The Nikkei 225 index today ended up 1.07% or 236.23 points at 22,389.86, after opening with an increase of 238.04 points at 22,391.67.
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