Rubber prices managed to rebound and ended up more than 1% in trading today, Friday (6/7/2018).
The price of rubber for delivery in December 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 1.12% or 1.90 points at 171.40 yen per kilogram (kg), snapping a four-day consecutive correction.
The main raw material price of the tire began to rebound when it opened in the green zone with a rise of 0.24% or 0.40 points at 169.90, after ending down 0.94% or 1.60 points at 169.50 yen per kg on Thursday trading (5/7).
According to Kazuhiko Saito, an analyst at brokerage firm Fujitomi, the recovery in stock markets in the United States and Japan eased concerns that a trade war between the US and China could limit global growth.
On Thursday, the Dow Jones Industrial Average closed up 0.75 percent or 181.92 points at 24,356.74, the S & P 500 gained 0.86 percent or 23.39 points at 2,736.61, while the Nasdaq Composite index ended up 1.12% or 83.75 points at 7,786.43.
Following the strengthening of US stocks, Japan's Nikkei 225 index in trading today rebounded and closed up 1.12% at 21,788.14. The Topix ended up 0.92% at 1,691.54.
"[However] the limited [rubber] gain as the oil rally halts the speculation that the price of synthetic rubber will rise," added Saito, as quoted by Bloomberg.
Oil prices headed for its biggest weekly decline in more than a month following a surprise rise in the amount of US crude inventories weighing on sentiment, as trade war between US President Donald Trump and China heated up.
Meanwhile, the yen appreciated by 0.04% or 0.04 points to 110.60 per dollar at 13:58 pm, having ended down 0.14% or 0.15 points at 110.60 on Thursday (5/7).
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