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 August contract rubber opened in the red zone with a weakening 0.1% or 0.20 points at 193.60 yen per kg level, after trading on Tuesday (27/2) stagnated at 193.80 yen per kg.
According to Korakod Kittipol, marketing manager of Thai Hua Rubber, rubber prices are getting support from concerns about limited supply in Thailand.
On the other hand, Kazuhiko Saito, an analyst at commodity brokerage firm Fujitomi, said China's slower-than-expected economic data had been a negative sentiment for rubber. This factor is feared will drag the demand level becomes more lethargic.
Based on data released today, the Purchasing Managers' Index (PMI) of the manufacturing sector in February 2018 reached 50.3. This figure is lower than forecast in a Bloomberg survey of 51.1.
Meanwhile, the yen appreciated 0.22% or 0.24 points to 107.09 per US dollar at 14.27 GMT, after opening stagnant at 107.33.
The yen appreciated after the Bank of Japan (BoJ) reduced its purchases of bonds for a tenor of more than 25 years by 10 billion yen in market operations today.
The WTI oil price of April 2018 contract was further weakened 0.41% or 0.26 points to US $ 62.75 per barrel at 14.18 Western Indonesia Time, after trading on Tuesday (27/2) ended down 1.41% at position 63, 01.
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