Rubber prices closed lower again in the second day of trading in a row, Tuesday (3/4/2018), depressed fears of weak demand.
The price of rubber for delivery in September 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.83% or 1.50 points to 180.1 yen per kilogram (kg).
Previously, rubber prices opened stagnant at 181.60 position after ending down 1.30% or 2.40 points on Monday trading (2/4/2018).
According to Gu Jiong, an analyst at brokerage firm Yutaka Shoji in Tokyo, concerns surrounding weak demand alongside sluggish economic data and declining Nikkei performance have put pressure on rubber prices.
Nikkei 225 index today closed down 0.45% or 96.29 points to 21,292.29 level, after it opened slipped 1.28% or 273.10 points at 21,115.48 position.
Rubber prices were depressed on the second day, following the data of Japanese business sentiment. The index of business sentiment according to the BOE's BOE survey dropped to 24 in the first quarter, lower than analysts' forecast of 25 at the same time at 26 levels in the previous quarter.
Meanwhile, manufacturing purchasing managers index released by Caixin Media and Markit Economics for March showed a decline to 51 from 51.6 in February. "The trade tension between the United States and China adds negative sentiment to rubber," added Gu Jiong.
China announced yesterday imposing import tariffs of up to 25% on 128 US products, raising tensions between the world's two largest economies.
On the other hand, today's yen exchange rate is turning down 0.08% or 0.08 points to 105.97 per US dollar at 14.10 WIB, after ending up 0.36% at 105.90 on Monday ( 2/4)
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