Rubber prices managed to resume its rally and ended up more than one percent in the second day of trading in a row on Monday (9/4/2018), supported by the strengthening of crude oil.
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 1.12% or 2 points at 181.30 yen per kilogram (kg).
Though the price of rubber had slipped into the red zone after it opened down 0.39% or 0.70 points at 178.60 position. On Friday's trade (6/4), the rubber rebounded and ended up 1.70% or 3 points at 179.30.
According to Gu Jiong, an analyst at brokerage firm Yutaka Shoji, rising crude oil prices and expectations of a decrease in the amount of rubber reserves in Qingdao have helped boost rubber prices.
The price of West Texas Intermediate oil was up 0.42% or 0.26 points to as low as US $ 62.32 per barrel on the New York Mercantile Exchange at 13.42 WIB.
Meanwhile, the amount of rubber inventory in Qingdao fell 8% to 122,000 tonnes on March 23, the decline for week 2.
On the other hand, the number of stocks monitored by the Shanghai Futures Exchange rose 0.4% to 444,611 tons last week, an increase for the 19th week, to its highest level since November.
Supporting the rubber, the Nikkei 225 index rebounded and ended up 0.51% or 110.74 points to 21,678.26, after opening down 0.15% or 33.19 points at 21,534.33.
The yen today was down 0.17 percent or 0.18 points to 107.10 per dollar at 13:52 pm, after ending up 0.43 percent at 106.92 on Friday (6/4) .
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