The weakening of rubber prices continued at the end of the third day of consecutive trading on Friday (9/3/2018), which closed down about 1% amid concerns about high reserves.
The price of rubber for delivery in August 2018 at Tokyo Commodity Exchange (Tocom), closed down 0.99% or 1.90 points at the level of 189.80 yen per kilogram (kg).
This morning the rubber opened down 0.21% or 0.40 points at 191.30, after returning to end in the red zone despite a slight decline of 0.05% or 0.10 points at 191.70 yen per kg position on Thursday (8/3).
According to analysts of brokerage firm Yutaka Shoji, Gu Jiong, high inventories in China are pressing rubber prices in Shanghai. "The Tokyo rubber market is following a weakening in the Shanghai market, although limited by the yen's depreciation," added Gu Jiong, as quoted by Bloomberg.
The rubber stocks monitored by the Shanghai Futures Exchange rose 0.6% to 437.115 tonnes last week, gaining in the 14th consecutive week.
Meanwhile, the yen continued to weaken 0.45% or 0.48 points to 106.71 per dollar at 14.00 Western Indonesia Time, after expiring 0.15% depreciation at 106.23 in trading on Thursday (8/3). ).
In contrast to rubber, WTI's April 2018 oil price was observed up 0.13% or 0.08 point to US $ 60.20 per barrel at 13:51 pm, after trading on Thursday (8/3) ended down 1.68% at position 60.12.
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