Prices moved lower in trading today, Thursday (1/3/2018), amid concerns over rising Chinese and Japanese rubber reserves.
The price of rubber for delivery in August 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.21% or 0.40 points to 193.40 yen per kilogram (kg) at 11:37 pm.
Earlier, the price of August contract rubber opened down 0.21% at the same level, 193.40, after yesterday's trading closed stagnant at the level of 193.80 yen per kg.
Takaki Shigemoto, an analyst at JSC, said rubber prices on commodities were pressured by concerns that rubber stocks in Japan and China will continue to rise amid low demand.
Based on data from the Japan Rubber Association released today, Japan's raw rubber reserves increased 1.5% per February 10, 2018 to 14,956 metric tons.
Meanwhile, rubber stocks monitored by the Shanghai Futures Exchange increased 0.1% to 434,550 tonnes last week, rising in the 13th consecutive week.
On the other hand, today's yen exchange rate is observed to weaken 0.12% or 0.13 points to 106.81 position per US dollar at 11:54 pm.
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