The price of rubber closed rebound in trading today, Monday (19/2/2018) supported by the strengthening of crude oil prices, offsetting concerns about the high rubber stock.
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom), closed up 0.61% or 1.10 points to 182.90 yen per kilogram (kg).
Earlier, the July rubber contract price opened with a 0.28% rebound or 0.50 per cent at 182 per kg after ending down 2.42% or 4.50 points at 181.50 yen per kg in Friday's trading (16/2 ).
"Short covering action amid rising crude oil prices offset concerns over the high amount of rubber reserves," said Gu Jiong, a brokerage analyst at Yutaka Shoji, as quoted by Bloomberg.
WTI oil prices continued to watch up 1.12% or 0.69 points to US $ 62.37 per barrel at 14.10 Western Indonesia Time (WIB), after ending up 0.55% or 0.34 points at 61.68 on Friday ( 16/2).
Meanwhile, China's rubber reserves monitored by the Shanghai Futures Exchange increased 0.5% last week to 434,330 tons, the 12th consecutive weekly rise.
Supporting rubber, the yen was down 0.35 percent or 0.37 points to 106.58 yen per dollar at 14.23 pm.
Nevertheless, the lack of buyers from China limits the strengthening of rubber. Trading activities in China are going away from February 15 to February 21 due to the Chinese New Year holiday.
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