Rubber prices continued their rally and jumped more than three percent in late trading today, Monday (26/2/2018), in line with the strengthening of the Japanese stock exchange.
The price of rubber for delivery in July 2018 on the Tokyo Commodity Exchange (Tocom), closed up 3.13% or 5.90 points at 194.10 yen per kilogram (kg).
Previously, the July rubber contract price opened with a 0.21% rise or 0.40 points at 188.60 per kg position, after trading on Friday (23/2) posted a rebound by ending up 1.67% at 188.20 yen .
Kazuhiko Saito, an analyst at Fujitomi commodity brokerage, said a rally in global stock markets boosted investor interest in riskier assets.
"This leads to an increase in rubber purchases in futures exchanges," he said, as quoted by Bloomberg.
The strength of the Topix and Nikkei 225 Japan indexes continued at the end of the second day of consecutive trading Monday following a rally in the US stock market on Friday amid optimism that the Federal Reserve will not in a hurry to raise interest rates.
The Topix index today opened in the green zone with a gain of 0.81% or 14.23 points at 1,774.76 and ended up 0.81% or 14.28 points at 1,774.81.
The Nikkei 225 today ended up 1.19% or 260.85 points at 22,153.63, after opening with a 1.10% gain or 241.86 points at 22,134.64.
On the other hand, the yen appreciated to rise 0.39% or 0.42 points to 106.47 per dollar at 14.47 pm, after opening with a weakness of 0.28% at 107.19.
In line with rubber, WTI oil price contract in April 2018 advanced 0.17% or 0.11 points to US $ 63.66 per barrel at 14:39 pm, after trading on Friday (23/2) ended up 1.24% 63.55.
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