Prices weakened in trading today, Thursday (22/3/2018), following rising rubber stocks in China and the strengthening of the yen.
The price of rubber for delivery in August 2018 on the Tokyo Commodity Exchange (Tocom), fell 0.05% or 0.1 point to 186.90 yen per kilogram (kg) at 11:21 pm.
Previously, rubber prices rose 0.37% or 0.70 points to 187.70, after trading on Tuesday (20/3) closed down 2.09% to 187 yen per kg. Rubber is not traded on Wednesday (21/3) due to a national holiday in Japan.
According to Kazuhiko Saito, an analyst at Fujitomi brokerage in Tokyo, the weakening of rubber prices today is influenced by the strong yen exchange rate and the high level of reserves in China.
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, the yen appreciated 0.29% or 0.31 points to 105.74 yen per US dollar at 11:52 pm.
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