The Malaysian rubber price market rebounded slightly today from yesterday’s closing price on the weakening ringgit against the greenback, dealers said.
A dealer said due to the weak economic outlook in China, the world’s biggest rubber buyer, the demand for the commodity dropped and weighed on the market.
Meanwhile, another dealer said Asian rubber prices were expected to drop due to slowing demand and rising supply as Thailand was planning to off-load stocks later this year.
At noon today, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 dipped two sen to close at 705 sen a kg while latex-in-bulk declined 2.3 sen to 523 sen a kg.
The unofficial sellers closing price for tyre-grade SMR 20 lost two sen to 706 sen a kg and latex-in-bulk fell 2.5 sen to 521 sen a kg.– Bernama
