Rubber prices managed to end its movement in the green zone in the first trade after the national holiday, Tuesday (13/2/2018), although at the same time the performance of the Japanese yen continues to appreciate.
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom), closed with a 0.05% rise or 0.10 points at 189.30 yen per kilogram (kg).
Previously, the July rubber contract price opened up 0.16% or 0.30 points at 189.50 position, after closing down 1.61% at the level of 189.20 on Friday (9/2/2018). Rubber trading on the Tocom exchange was not opened on Monday (12/2) because of Japan's national holiday.
The rise in rubber prices in today's trading at once broke the weakness for two consecutive trading days earlier.
"Rubber prices are buoyed by investors' concerns ahead of a low season of production, which could limit supply," said Gu Jiong, an analyst from Yutaka Shoji, as quoted by Bloomberg.
However, he said, the continued increase in rubber stocks in China gave sentiment pressure on rubber prices. In addition, the decline in the physical price of rubber also suppressed the price of rubber futures.
China's rubber reserves monitored by the Shanghai Futures Exchange increased 1.3% last week to 432,050 tons, the 11th straight week of gains.
Meanwhile, the yen continued to appreciate 0.54% or 0.59 points to 108.07 per US dollar at 14.02 WIB, after Monday (12/2) ended up 0.12% or 0.13 points at position 108.66.
In line with rubber, WTI oil price rose 0.49% or 0.29 points to US $ 59.58 per barrel at 13:53 pm
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