The price continued to weaken in trading on the second day, Friday (2/3/2018), depressed weakness of Nikkei index and strengthening of yen exchange rate.
The price of rubber for delivery in August 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), fell 0.94% or 1.80 points to 190.70 yen per kilogram (kg) at 1043 WIB.
Earlier, the price of the August rubber contract opened up 0.16 percent or 0.3 points at 192.80 yen per kg, after yesterday's trading closed down 0.67 percent or 1.30 points at 192.80 yen per kg.
Analysts from Fujitomi's commodity broker Kazuhiko Saito said the sharp weakness of the Nikkei index and the strengthening of the yen exchange rate lowered the price of rubber commodities.
"The weakening of crude oil price also put pressure on price," he said, as quoted by Bloomberg, Friday (2/3/2018).
The Nikkei 225 index slid 2.72% or 590.47 points to 21,134 points at 10,33 WIB. The WTI oil price for April 2018 contract weakened 0.03 percent to US $ 60.97 per barrel.
Today's yen exchange rate is up 0.23% or 0.24 points to 106 position per US dollar at 11:04 pm.
Meanwhile, the Japan Rubber Association recorded that Japan's crude rubber reserves increased 1.5% on February 10, 2018 to 14,956 metric tons, while rubber stocks monitored by the Shanghai Futures Exchange increased 0.1% to 434,550 tons last
No comments:
Post a Comment