The Malaysian rubber market closed lower today on lack of demand, a dealer said.
“However, the losses were lesser than yesterday’s. Thanks to the
low-production season and recent yen losses on the Tokyo Commodity Exchange (TOCOM), which kept the downside limited,” he said.
He also said the demand for Malaysian rubber would increase soon as Malaysia would be collaborating with Thailand to set up rubber industry zones on both sides of the common border to create jobs and income for citizens of the two neighbouring nations.
The announcement was made by Thailand’s Deputy Minister of Agriculture Yutthapong Charassathien on the second day of the Asean Rubber Day 2013 convention in Phuket yesterday.
Under the proposal, the Malaysian government will encourage its private sector to create a rubber industrial estate on a 6,500 rai (1 rai=1,600 sq metres).
Meanwhile, at noon, the Malaysian Rubber Board official physical price for tyre-grade SMR 20 eased 1.5 sen to 779.5 sen a kg while latex-in-bulk was one sen down to 594 sen a kg.
The unofficial closing price for tyre-grade SMR 20 fell 1.5 sen to 777.5 sen a kg while latex-in-bulk lost 2.5 sen to 592 sen a kg.– Bernama
