Rubber prices managed to successfully close higher in trading today, Thursday (29/3/2018).
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 1% or 1.80 points to 182 yen per kilogram (kg).
Previously, the price of rubber opened in the red zone down 0.17% or 0.30 points at the level of 179.90 yen per kg.
On Wednesday's trade (28/3) rubber price for September 2018 contract finished up 0.61% or 1.10 points at the level of 180.20 yen per kilogram (kg).
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, a rally on the Nikkei following the impact of the weakening Japanese yen has pushed up rubber prices.
The Nikkei 225 index today closed up 0.61% or 127.77 points to 21,159.08, after posting a rebound as it opened up 1.04% or 219.65 points at 21,250.96.
Meanwhile, today's yen exchange rate was up 0.26% or 0.28 points to 106.57 yen per US dollar at 14.39 WIB.
"The Thai government's consideration of efforts to support prices is also a factor driving this commodity," Saito added, as quoted by Bloomberg.
Thai Vice Prime Minister Somkid Jatusripitak is reportedly instructing the agriculture and trade ministry and the Thai Rubber Authority to work with other key exporters to boost rubber prices.
On one occasion in Bangkok, Jatusripitak stated that the government is open to all options including buying rubber or stopping rubber tapping.
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