Rubber Prices Rise Almost 5 Percent

The price of rubber for delivery in September 2017, the most active contract on the Tokyo Commodity Exchange (Tocom), jumped 4.68 percent, or 9.50 points, to 212.60 yen per kilogram (kg) at 07:33 WIB.Previously, rubber opened with a gain of 2.41 percent, or 4.90 points, at 208. Rubber closed with a thin 0.05 percent gain, or 0.10 points, at 203.10 yen per kg yesterday, ending the decline of four straight trades previously.`The rubber market is strengthening again after appearing oversold compared to physical prices,` said Masayo Kondo, president of a research firm Commodity Intelligence in Tokyo, as quoted by Bloomberg.
Encouraging the rate of rubber, the yen exchange rate this morning is seen weakening by 0.05 percent or 0.06 points to 109.38 at 07:38 WIB, after yesterday ending down 0.42 percent or 0.46 points at 109.32. The weakening of the Japanese Yen against the US dollar makes commodity prices traded in this currency more affordable for foreign buyers. The impact is, the demand for this commodity has the potential to increase.

Price Movement of TOCOM's Rubber Contracts for April 2017




Date


Price (Yen/Kg)


Change




21/4/2017 (at 07:33 WIB)


212.60


+4.68 percent




20/4/2017


203.10


+0.05 percent




19/4/2017


203.00


-4.65 percent




18/4/2017


212.90


-1.66 percent




17/4/2017


216.50


-0.92 percent




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