Rubber prices closed higher in late trading today, Wednesday (27/06/2018), following the strengthening of crude oil prices.
The price of rubber for delivery in November 2018, the most-active contract on the Tokyo Commodity Exchange (Tocom), closed up 0.82% or 1.4 points to 172.90 yen per kilogram.
The previous rubber price opened in the green zone with a rise of 0.82% or 1.4 points at 172.90, after closing stagnant at 171.50 level at the end of trading Tuesday (26/6/2018).
Takaki Shigemoto, an analyst at JSC in Tokyo, said that the strengthening of rubber prices was triggered by increased investor interest in this commodity as the strengthening of oil prices triggered the cost of making synthetic rubber substitute products.
"Prices are also higher because the contract is considered too cheap, amid the high supply and demand fundamentals," said Takaki, as quoted by Bloomberg.
The price of West Texas Intermediate (WTI) oil for August 2018 contract rose 0.34% or 0.34 points to as low as US $ 70.77 per barrel at 14:57 pm, while Brent oil for the same month delivery contract was up 0.47% to the level of US $ 76.67 per barrel.
Meanwhile, the yen appreciated to rise 0.26% or 0.29 points to 109.77 yen per dollar at 15.13.
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