Rubber prices continued weakening at the end of trading the fourth day in a row on Thursday (5/4/2018).
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 1.84% or 3.30 points to 176.30 yen per kilogram (kg).
Previously, the rubber price opened down 0.33% or 0.60 points position 179, after ending down 0.28% or 0.50 points to 179.60 level in trading Wednesday (4/4/2018).
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi in Tokyo, high levels of rubber reserves in China and concerns over declining demand weighed on market sentiment today.
"Sentiment is depressed amid low trading volume along with holidays in China," Kazuhiko said, as quoted by Bloomberg.
Rubber stocks tracked by the Shanghai Futures Exchange increased 0.4% to 444,611 tonnes as of Thursday (5/4). This is an improvement in the 19th consecutive week.
Meanwhile, today's yen exchange rate was down 0.27% or 0.29 points to 107.07 position per US dollar at 15.02 WIB.
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