Rubber prices closed higher in late trading on third day in a row on Friday (18/05/2018).
The price of rubber for delivery in October 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 2.11% or 4 points to 193.9 yen per kilogram (kg).
Earlier, commodity prices also opened in the red zone with a weakening 0.21% or 0.4 points at 189.5, after ending up 0.74% or 1.4 points to 189.9 level on Thursday trading (17 / 5/2018).
Takaki Shigemoto, an analyst at JSC, said investors' interest in rubber commodities increased following the weakening of the yen, which makes commodities more affordable for foreign investors.
"The crude oil price rally has also increased speculation that the price of synthetic rubber will increase," Takaki said, as quoted by Bloomberg, Friday (18/05/2018).
He continued, the focus of the market is on whether China's rubber reserves will continue to increase, as production in the Yunnan and Hainan regions is on the rise as weather supports.
The price of West Texas Intermediate (WTI) oil for June 2018 contract rose 0.14% or 0.1 point to as low as US $ 71.59 per barrel at 14:25 pm. The global benchmark oil, Brent, was observed rising 0.24% to US $ 79.49 per barrel.
The yen today tracked down 0.07% or 0.08 points to 110.85 yen per dollar at 14.39 pm
No comments:
Post a Comment