Rubber prices ended lower in late trading today, Monday (14/05/2018), amid concerns over the reserves of this commodity in China.
The price of rubber for delivery in October 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.57% or 1.1 points to 192.30 yen per kilogram (kg).
Earlier, commodity prices also opened in the red zone with a weakening of 0.05% or 0.1 point to 193.3, after ending up 0.26% or 0.50 points at 193.40 level on Friday trading (11 / 5).
Meanwhile, today's yen exchange rate was down 0.12% or 0.13 points to 109.52 yen per US dollar at 14:53 pm.
Takaki Shigemoto, an analyst at JSC in Tokyo, said that as China's rubber reserves continue to rise, concerns over excess supply continue to weigh on rubber commodity markets.
"With China's high production season continuing throughout May, rubber stocks will continue to rise," Takaki said, as quoted by Bloomberg.
China's raw rubber stocks tracked by the Shanghai Futures Exchange were observed to rise 1.3% to 457,694 tonnes last week. This level is the highest since November
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