Rubber prices slipped into the red zone at the end of trading today, Tuesday (05/22/2018), snapping a four-day rally of previous trading rallies.
The price of rubber for delivery in October 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.50% or 1 point at 199 yen per kilogram (kg).
In fact, the commodity price of the main material making this tire could continue to strengthen when opened with a 0.30% increase or 0.60 points at 200.60 position.
On Monday, rubber gained 3.15 percent or 6.10 points to 200, the highest level of all-time contracts.
Kei Kobashi, an analyst at Sumitomo Corp., said rubber prices slipped after a rally in Monday's trading seen excessive, considering a number of fundamentals for rubber.
According to Lekshmi Nair, head of economics and statistics at the International Rubber Study Group, global natural rubber production could rise 2% by 2018 from an estimated 13.55 million tonnes for 2017.
Total consumption, including synthetic rubber, could rise 3.2% from an estimated 28.47 million tonnes for 2017.
Also weighing on rubber moves is the end of a low production season in Thailand this month. The previous rubber rally was supported by a low production season until May in Thailand.
Meanwhile, the yen today was observed to depreciate slightly 0.05% or 0.06 point to 111.11 per dollar at 14.33 WIB, after ending down 0.26% or 0.29 point at 111.05 on Monday trading (21/5).
On the other hand, West Texas Intermediate (WTI) oil prices for June 2018 shipment advanced 0.54% or 0.39 points to $ 72.63 a barrel on the New York Mercantile Exchange at 14:22 pm.
No comments:
Post a Comment