Rubber prices rebounded in trading this afternoon, Thursday (15/3/2018), after being depressed by the increase in rubber reserves in Japan and China.
The price of rubber for delivery in August 2018 at Tokyo Commodity Exchange (Tocom), was observed turning up 0.21% or 0.4 point to 195.10 yen per kilogram (kg) at 10:31 pm.
In fact, the rubber opened up 0.36% or 0.7 points to 194 yen per kg and continue to move up to level 192.50 yen. In yesterday's trade, rubber closed up 1.25% or 2.4 points at 194.7 positions.
According to analysts at Fujitomi's commodity broker Kazuhiko Saito, the weakening rubber price was affected by rising reserves in Japan and China that raised concerns over global supply surplus.
China's rubber reserves monitored by the Shanghai Futures Exchange rose 0.2% or 437.896 tons last week. The Japan Rubber Trading Association recorded that rubber inventories increased 2.2% to 15,206 metric tons.
The yen exchange rate is currently up 0.27% or 0.29 points to 106.03 per US dollar at 11.00 WIB.
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