Rubber prices slipped into the red zone and moved down in trading this morning, Tuesday (6/3/2018), weighed down on concerns about demand levels.
The price of rubber for delivery in August 2018 on the Tokyo Commodity Exchange (Tocom), fell 0.21% or 0.40 points to 193.50 yen per kilogram (kg) at 10.50 WIB.
Though the rubber had continued strengthening to 194.20 position after opening with a 0.05% increase or 0.10 points at 194 yen per kg position.
In trading Monday (5/3), rubber prices closed up 1.25% or 2.40 points at 193.90 yen per kg position.
According to Gu Jiong, an analyst from commodity broker Yutaka Shoji, concerns about sluggish demand in China have harmed market sentiment.
"But the price decline is limited by the strengthening of oil prices and the weakening performance of the yen currency," Gu Jiong continued, as quoted by Bloomberg.
WTI oil price in April 2018 contract continued to rise 0.21% or 0.13 points to US $ 62.70 per barrel at 10:50 pm, after trading Monday (5/3) ended up 2.16% at position 62.57 .
Meanwhile, the yen continued to weaken 0.15% or 0.16 points to 106.36 per US dollar at 11.00 WIB.
That morning the yen opened with a thin weakening of 0.01% at 106.21, after ending up appreciating 0.42% at position 106.20 on Monday trading (5/3).
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