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Wednesday, August 17, 2022

Malaysia: Rubber prices extend losses (Jan. 29)

The Malaysian rubber market extended its losses today as the ringgit strengthened against the US dollar, dealers said.

Market sentiment was still jittery due to worries over slowing demand in China and amid signs that the US will ease back on its bond purchases.

Meanwhile, the market is keenly awaiting the outcome of the US Federal Open Market Committee meeting determine the market’s direction.

In a separate development, the Rubber Trade Association of Japan reported that crude rubber inventories at Japanese ports rose to a eight-month high of 15,474 tonnes.

At noon, the Malaysian Rubber Board’s official physical price for

tyre-grade SMR 20 fell 21.5 sen to 649 sen a kg and latex-in-bulk eased five sen to 466.5 sen a kg.

The unofficial closing price for tyre-grade SMR 20 fell 6.0 sen to 649 sen a kg while latex-in-bulk slipped 1.5 sen to 465.5 sen a kg.– Bernama

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