Tocom Rubber Futures Close Higher on Weekend, Up 6% on Week

The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished 3.3 yen or 1.9% higher at 178.9 yen (US$1.61) per kg, after retreating from a high of 181.5 yen, the highest since March 7.
U.S. oil futures touched new highs for 2016 on Friday and were set to post gains for a fifth straight week on growing optimism that major producers would strike a deal to freeze output, while a more benign interest rate environment also supported prices.
See: Tocom Rubber Prices Strengthened by Rising Crude Oil
The dollar held near a 17-month low of 110.67 yen struck overnight as the Fed’s less hawkish outlook for U.S. interest rates weighed on the U.S. currency.
The Nikkei share average fell for a fourth day on Friday, after the dollar plunged to a near 17-month low overnight, pressuring exporters and dented overall sentiment.
Singapore rubber futures for August delivery were up 0.4 percent at 133.70 U.S. cents a kg on Monday.
Vibiz Research Center analyst predicts that Tocom rubber price movement in subsequent trading still has the potential to weaken with the potential decline in crude oil prices. Also need to be observed is the potential strengthening of the Yen that could weaken Tocom rubber prices.
For today's trading session price is expected to meet Support at position 174.00 yen. Subsequent Resistance is at 169.00 yen. In the meantime, if the price rebounds will meet Resistance at position 184.00 yen and 189.00 yen. 
Editor: Asido Situmorang
http://vibiznews.com/2016/03/21/tocom-rubber-prices-end-the-week-higher-on-a-weekly-basis-recording-a-6-percent-gain/