The weakening of rubber prices continued on the second day of trading in a row on Friday (9/2/2018).
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom), closed down 1.61% or 3.1 points to 189.20 yen per kilogram (kg).
Previously, the July rubber contract price opened stagnant at 192.30 position, having ended down 1.64% or 3.20 points at 192.30 position on Thursday (8/2).
Thus, rubber has fallen 3.91% so far this week, its biggest weekly decline since 21 November 2017 ago.
According to Naohiro Niimura, partner at market research firm Risk Advisory, a sell-off against global stock markets encourages risk aversion by investors.
"It triggers the sale of rubber and other industrial commodities," Niimura continued, as quoted by Bloomberg.
Asian stocks slumped in trading this morning after US stocks again declined amid concerns over rising bond yields.
US stocks began to falter since Friday last week after healthy US nonfarm payrolls data sparked a surge in bond yields and fears of rising inflation that could trigger a central bank interest rate hike.
At the same time, the price of WTI oil in March 2018 contract today was down 1.01% or 0.62 points to US $ 60.53 per barrel at 13:56 pm, the weakest for the sixth consecutive day.
In addition to weighing on the movement of rubber, China's rubber reserves monitored by Shanghai Futures Exchange increased 1.7% last week to 426,498 tons, the tenth consecutive weekly rise.
On the other hand, the observed yen exchange rate depreciated 0.29% or 0.32 points to 109.06 per dollar position at 14.09 WIB, after trading on Thursday (8/2) ended up 0.54% or 0.59 points at the 108.74 level.
No comments:
Post a Comment