Rubber prices closed a rebound in late trading today, Tuesday (17/4/20174), buoyed by strong Chinese economic data.
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 0.56% or 1 point to as low as 18.20 yen per kilogram (kg).
This morning the rubber price opened a rebound 0.17% or 0.30 points at 179.50 position, after yesterday's trading on Monday (16/3), the rubber closed down 3.03% or 5.6 points at 179.2 position .
Gu Jiong, commodity broker analyst Yutaka Shoji in Tokyo, said strong Chinese economic data boosted optimism that demand for rubber would increase.
"Investors are also paying attention to the tight supply of commodities in Thailand during the low production season," he said, as quoted by Bloomberg.
Meanwhile, China's economic growth is able to survive strongly amid solid consumer spending. The China National Bureau of Statistics (NBS) report on Tuesday (17/4/2018) revealed that China's Gross Domestic Product (GDP) grew 6.8% in the first quarter of 2018 from the previous year.
This achievement is equal to growth in the previous quarter and is in line with projections in a Bloomberg survey.
Meanwhile, retail sales increased 10.1% in March from a year earlier, industrial production rose 6% last month, and fixed asset investment climbed 7.5% in the first quarter of this year.
Meanwhile, today's yen exchange was observed to rise 0.17% or 0.18 points to 106.94 yen per US dollar at 14:15 pm.
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