The price of rubber closed down more than 1% in trading today, Wednesday (7/3/2018), in line with the weakening of crude oil prices.
The price of rubber for delivery in August 2018 on the Tokyo Commodity Exchange (Tocom), closed down 1.13% or 2.20 points to 191.80 yen per kilogram (kg).
That morning the rubber opened with 0.52% weakening or 1 point at 193, after being able to end up 0.05% or 0.10 points at 194 yen per kg position in trading on Tuesday (6/3).
Meanwhile, the yen continued to appreciate 0.44% or 0.47 points to 105.66 per dollar at 14.28 pm. This morning the yen opened stagnant at 106.13, after ending up appreciating 0.07% or 0.07 points at 106.13 on Tuesday (6/3).
As is known, the strengthening of the Japanese yen exchange rate against the US dollar makes the price of commodities traded in this currency to be relatively more expensive for overseas buyers. As a result, demand for these commodities has the potential to decline.
In line with rubber, WTI oil price contract in April 2018 was observed to weaken 0.80% or 0.50 points to US $ 62.1 per barrel at 14.16 WIB, after trading on Tuesday (6/3) ended up 0.05% 62.60.
WTI oil prices weakened after industry data showed US crude stocks rose more than expected last week. Quoted from Bloomberg, the American Petroleum Institute reported crude inventories rose by 5.66 million barrels last week.
The EIA also boosted US crude output forecasts for 2018 and 2019, and said output would reach 11 million barrels per day in October, a month earlier than previously estimated.
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