Malaysian rubber prices closed sharply lower for the third consecutive day today, in line with the downtrend in Tokyo Commodity Exchange (TOCOM), a dealer said.
He said the downtrend in TOCOM was due to some concerns on demand following the report that the monetary policy in China had changed to ‘neutral from loose’.
Market players are also concerned over the forecast from International Energy Agency that crude oil demand will shrink.
At noon, the Malaysian Rubber Board’s official physical price for the SMR 20 fell 33 sen to 832 sen per kg while latex-in-bulk eased six sen to 617.5 sen per kg.
The unofficial closing price for the tyre-grade SMR 20 fell 8.5 sen to 838 sen per kg while latex-in-bulk decreased 3.5 sen to 617 sen per kg.– Bernama