Toccom Rubber Update Issue

Tocom rubber price at the end of trading Thursday afternoon (2/18) ended steady.Rubber futures prices for the most active contract, namely July 2016 are at the sameposition with the previous closure, with the attraction between the power of soaringcrude oil prices and the strengthening Yen.

This afternoon the couple tracked the u.s. dollar-Yen weakening – 0.22% at 113.85 per u.s. dollar. Usually with the rise in the exchange rate of the yen makes Japancommodity prices traded in the currency is becoming relatively more expensive forbuyers abroad. The impact of these commodities demand will decline.

But with crude oil prices are strengthening, becoming a stronger impetus for thetocom rubber commodity prices to fall.

Toccom Rubber Update Issue

Meanwhile, the price of crude oil futures rose in Asian trade Thursday, after Iranwelcomes Russia and Saudi Arabia plan to shut down production, although analysts say such measures will not lead to a decrease in production.

After the oil price rise in the previous session as much as 8 percent, but there is stillthe party that declared the market has been overreacting to support Iran to shut down production and said steps Arab-Russia will not likely reduce the global surplus.

U.S. crude oil futures prices rose 60 cents to $ 31.26 a barrel, after closing up 5.6 percent in the previous session and touched the highest position $ 31.49.

The price of crude oil futures Brent rose 42 cents to $ 34.92 per barrel at 0409 GMT, after closing up 2.7 percent in the previous session after reaching its intraday high of $ 34.99.

The price of natural rubber on the Tocom to contract most active contract July 2016i.e. for lunch was closed the same with previous position closing at 152.6 yen perkilogram.

Forexchair.blogspot.com estimated that Tocom rubber price movement on the trade today is still facing potentially positive support with the rise in crude oil pricesadvanced. Likewise, it should be noted the movement of the exchange rate of the Yen.

For the trading session today prices are expected to find Support at position 148.00 yen. The next support is on 143.00 yen. In the meantime if prices continue strengthening will meet Resistance at position 158.00 163.00 yen and yen.