Malaysian rubber prices closed lower today as the stronger ringgit dampened demand for the commodity.
“The market is quiet due to the ringgit’s fluctuation,” said a dealer.
However, the undertone of the market remained bullish and stood to gain further following the government’s announcement to allocate RM243 million for the replanting of rubber, palm oil and cocoa, as well as, forest plantation in the 2014 Budget.
Prime Minister and Finance Minister Datuk Seri Najib Razak presented next year’s budget in Parliament today.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 was 1.5 sen higher at 737.50 sen a kg but latex-in-bulk shed one sen to 527.50 a kg.
The unofficial closing price for tyre-grade SMR 20 dropped 10.5 sen to 728.50 sen a kg and latex-in-bulk decreased two sen to 526.50 a kg.– Bernama
