RUBBER PRICES MARCH 17: Fed Lifts The Commodity, Rubber Continues To Rise

The commodity rose 2,40% or 4,10 points to 174,60 yen per kilogram (kg) or Rp20.380,28 per kg, marking the biggest increase since March 7. Earlier, rubber had opened higher by 0,23% at 170,90 yen per kg.

Commodity Broker Analyst at Yutaka Shoji Co, Gu Jiong, said the market sentiment was positive after the FOMC meeting, leading to gains in equities and the commodity market.

“The rising oil prices were also supportive,” he said as quoted by Bloomberg.

It was recorded that May contract West Texas Intermediate (WTI) was traded 1,32% higher to US$40,53 per barrel at 10.07 WIB after opening 0,15% higher at US$40,06 per barrel.

Meanwhile, May contract Brent rose 0,74% to US$40,63 per barrel at 10.08 WIB after opening also 0,30% higher at US$40,45 per barrel.

The Rubber Authority of Thailand on its site stated that the rubber prices could continue its rising trend because of decreased supply during the low production season.

Thailand still remains the largest producer and exporter, while Cina is the largest consumer of rubber.

Movement of Rubber Price in TOCOM August 2016 Contract