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Wednesday, August 17, 2022

Malaysia: Rubber prices close mixed

The Malaysian rubber market closed mixed despite a better finish on the Tokyo Commodity Exchange (TOCOM), dealers said.

The Tokyo Rubber Futures rebounded from a 18-month low on the back of a rally in Japanese equities which brought about positive sentiment for the soft commodity, said a dealer.

Another dealer told Bernama that the recovery was a respite for local players who were hoping for a China-led rebound to boost post Lunar New Year buying.

“The low price had somewhat attracted bargain hunting in the physical market,” he said.

Meanwhile, the International Rubber Consortium will meet in Singapore over the weekend to discuss the commodity’s near-term outlook against a backdrop of declining prices.

At noon, the Malaysian Rubber Board official physical price for tyre-grade SMR 20 rose one sen to 609 sen a kg while latex-in-bulk slipped 5.5 sen to 453 sen a kg.

The unofficial sellers’ closing price for tyre-grade SMR 20 increased 14 sen to 611 sen a kg while latex-in-bulk inched up 3.5 sen to 455 sen a kg.– Bernama

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