Rubber prices closed higher in trading today, Friday (23/2/2018), in the middle of the stock market rally and the weakening of the yen.
The price of rubber for delivery in July 2018 at Tokyo Commodity Exchange (Tocom), closed up 1.67% or 3.10 points to 188.20 yen per kilogram (kg).
Previously, the July rubber contract price opened up 0.05% or 0.10 points at 185.20 per kg position, having ended in the red zone with a weakening of 0.48% or 0.90 points at 185.10 yen per kg on Thursday trading (22/2).
Naohiro Niimura, a partner at Market Risk Advisory, said a rebounding stock market and a weaker yen prompted a rebound in rubber prices.
Japan's Nikkei 225 Index today closed up 0.72% or 156.34 to 21,892.78.
The Asian bourse is likely to close this week on a positive note as investors continue to debate the prospect of normalizing central bank policies and the impact of higher bond yields.
The MSCI Asia Pacific Index rose along with stock indexes in Tokyo, Hong Kong, Sydney and Seoul in trading this morning. Asian stocks gained support from the S & P 500 index that ended in the green zone in trading yesterday.
Meanwhile, today's yen exchange rate weakened 0.3% or 0.32 points to 107.07 position per US dollar at 14.50 WIB, after on Thursday (22/2) ended up 0.96% in position 106, 75.
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