Rubber price movements weakened in trading this morning, Monday (19/3/2018), due to depressed expansion of commodity reserves is accompanied by declining car sales in China.
The price of rubber for delivery in August 2018 on the Tokyo Commodity Exchange (Tocom), fell 0.78% or 1.50 points to 190.30 yen per kilogram (kg) at 10:55 pm.
Previously, rubber prices opened down 0.26% or 0.50 per cent at 190.30 yen per kg, after trading on Friday (16/3) ended down 1.74% or 3.40 points at 191.80 positions.
According to Masayo Kondo, President of Commodity Intelligence research company in Tokyo, an increase in the amount of rubber reserves has been pressing the price of this commodity.
"At the same time, the decline in car sales in China has sparked concerns if demand levels from the world's largest consumer country are likely to slow," Kondo said, as quoted by Bloomberg.
China's rubber reserves monitored by the Shanghai Futures Exchange rose 0.1% to 438,248 tonnes last week, the highest level since November.
Meanwhile, according to data from the China Association of Automobile Manufacturers, Chinese auto sales to dealers fell 9.6% (y / y) in February. Rubber raw materials are mainly used in the automotive industry for tires.
Also weighing on rubber, the yen appreciated 0.20 percent or 0.21 points to 105.80 per dollar at 11.02 pm, after expiring 0.31 percent appreciation at 106.01 on Friday (16/3). ).
On the other hand, the price of West Texas Intermediate oil was also down 0.51% or 0.32 points to the level of US $ 62.02 per barrel on the New York Mercantile Exchange at 10:48 pm.
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