Yen Weakens, Rubber Prices Closed Rebound 0.87%

The price of rubber for delivery in November 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed up 0.87% or 1.60 points at 186.50 yen per kilogram (kg).

Earlier this morning, commodities prices opened lower by 0.05% or 0.1 point to 184.80 yen per kg, after closing down 0.64% or 1.2 points to 184.9 levels on Monday trading (11/6 / 2018).

According to Kazuhiko Saito, an analyst at Fujitomi’s commodity brokerage, the weakening Japanese yen makes commodity futures sold in the yen currency more affordable for foreign investors.

“Increased sales in cars in China and India also boosted commodities, but the gains were limited by concerns over an increase in supply,” Kazuhiko said, as quoted by Bloomberg.

Reported by Bloomberg, car sales in China in May rose 7.9% to 1.89 million units in May, compared with the same month a year earlier, while passenger car sales in India increased 19.7% in May.

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