Rubber price rally continued and ended up more than one percent on the third day of trading in a row on Tuesday (10/4/2018), sustained reports of falling commodity reserves in Qingdao.
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 1.21% or 2.20 points at 183.50 yen per kilogram (kg).
This morning the rubber price opened in the green zone with a rise of 0.22% or 0.40 points at position 181.70. On Monday (9/4) trade, the rubber ended up 1.12% or 2 points at the 181.30 level.
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, a report released last night showed the amount of rubber reserves in Qingdao, China, fell for a third week, boosting optimism for recovery in demand in China.
Meanwhile, the amount of natural rubber inventories in Qingdao fell 12% to 107,800 tonnes during the week ended March 30, the decline for the 3rd week, to the lowest level since January 2017.
"Some traders are also worried about supply during the low production season as Thailand slashed its exports more than expected," Saito added, as quoted by Bloomberg.
Along with the rubber, West Texas Intermediate oil prices gained 1.31 percent, or 0.83 points, to settle at $ 64.25 a barrel on the New York Mercantile Exchange at 13.40 pm.
Supporting the rubber, the Nikkei 225 index ended up 0.54% or 116.06 points to 21,794.32, after opening down 0.36% or 78.59 points at 21,599.67.
The yen today was down 0.37% or 0.40 points to 107.17 per dollar at 13.50 WIB, after ending up 0.14% at 106.77 on Monday (9/4) .
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