Rubber prices moved in the red zone in trading this morning, Thursday (22/2/2018), stopping the rally posted several days in a row before, in line with the weakening of crude oil prices.
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom), fell 0.48% or 0.90 points to 185.10 yen per kilogram (kg) at 10:33 pm.
Previously, the July rubber contract price opened down 0.11% or 0.20 points at 185.80 per kg position, having ended up 1.20% or 2.20 points at 186 yen per kg on Wednesday (21/2) ).
According to We Tan, marketing manager of Welcome Trading company in Singapore, crude oil price weakening and Japan's Nikkei index weighed on sentiment over the rubber this morning.
The WTI oil price of April 2018 contract today was dipped 1.02% or 0.63 points to US $ 61.05 per barrel at 10,29 WIB.
US crude oil prices weakened on concerns that an increase in US oil reserves will push efforts to cut output OPEC in the next week.
The Nikkei 225 Japan index of the day was down 1.18% or 258.61 points to 21,712.20 at 09.35 WIB.
The benchmark Japanese benchmark index fell along with Asian bourses following a surge in US bond yields as well as the US Federal Reserve's central bank statement on the economy, which strengthened the prospect of tightening while reducing the appeal of riskier assets.
Meanwhile, the yen exchange rate was observed to rebound with a gain of 0.42% or 0.45 points to 107.33 position per US dollar at 10:38 pm, after on Wednesday (21/2) ended down 0.42% at position 107, 78.
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