The price of rubber for delivery in July 2018 on the Tokyo Commodity Exchange (Tocom), fell 1.95% or fell 3.70 points to 185, 60 yen per kilogram (kg) at 10:47 pm.
Earlier in July the contract also opened 0.48 percent lower or fell 0.90 points at 188.40, after closing up 0.05 percent or 0.1 point at 189.30 yen on Tuesday (13/2).
According to Kazuhiko Saito, an analyst at Fujitomi brokerage in Tokyo, the weakening of rubber prices today was driven by investors selling ahead of the Chinese New Year holiday. "In addition, there are concerns about rising rubber stocks," he continued, as quoted by Bloomberg.
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.
Also pressing the price of rubber, the yen appreciated by 0.86% or 0.93 points to 106.89 yen per US dollar at 11:22 pm.
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