Rubber price closed lower today on lack of demand for the commodity, a dealer said.
He said rubber price dropped following negative sentiments brought by a report that China’s rubber purchase only amounted to 1.3 per cent of the country’s estimated demand for this year, which is below 200,000 tonnes that the Chinese government was rumoured to have been looking for.
The International Rubber Consortium reported that trading in rubber markets are likely to be subdued this week due to lack of strong macroeconomic cues from the United States and China, he said.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell one sen to 724 sen a kg and latex-in-bulk shed two sen to 523.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 declined four sen to 722 sen a kg while latex-in-bulk slipped three sen to 522 sen a kg.
The market was closed yesterday for the Awal Muharram public holiday.– Bernama