Natural rubber prices this friday afternoon seems to moving down. The weakening of rubber prices show bearish sentiment because triggered a selloff in Thailand and weakening of rubber prices in Shanghai.
Weakening Rubber prices triggered a selloff in Thailand. It is estimated that Rubber to have sold 96,000 tons of the commodity in the auction held on Tuesday, an official in the rubber authorities told Reuters on Wednesday, adding it will hold another auction for 125,000 tons in March.
Likewise, the price of rubber on the Shanghai bourse declined. The most active rubber contract on the Shanghai futures exchange for May delivery extended losses in afternoon trade, to finish at 20,320 yuan per ton.
In afternoon trading, the price of rubber futures for the most active contract on the Tokyo commodity exchanges dropped by -18.7 yen or -5.9 percent to 297.5 yen per kilogram, down from its previous close at 316,2 yen per kilogram.
Analysts predicted that the price movement of Rubber on next session is potentially affected by the weakening of the pressure of natural rubber prices Shanghai and sentiments of Thailand. Commodity prices will test the support level at 292.50 yen and 287.50 yen