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Wednesday, July 6, 2022

Malaysia: Rubber prices retreat on stronger ringgit

KUALA LUMPUR: Malaysian rubber prices retreated to close mostly lower today on the back of better ringgit performance that curbed buying interest among foreign buyers, a dealer said.

Market trendsetter, the Tokyo Commodity Exchange was traded near its five-year low as sentiment was clouded by the oversupply situation coupled with concerns over the slowing economic growth in China, the main rubber consumer.

The noon benchmark Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 added one sen to 461 sen a kg, while latex-in-bulk shed one sen to 370 sen a kg.

The 5pm unofficial closing price for tyre-grade SMR 20 slipped one sen to 462.5 sen a kg, while latex-in-bulk inched down half-a-sen to 370 sen a kg.– Bernama

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