Malaysian rubber prices closed lower today due to lack of demand for the commodity, dealers said.
The bearish sentiment was influenced by the Tokyo Commodity Exchange (TOCOM) which was traded in a tight range.
“Investors focused on China, the world’s top rubber buyer. The outcome of the Chinese Communist Party policy meeting on Tuesday will give clues to its economic agenda,” said a dealer.
He added a reform agenda for the next decade will be unveiled to balance the need to overhaul the world’s second-largest economy as it loses grip with preserving stability and reinforcing the Communist Party’s power.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 was two sen lower at 733.5 sen a kg, while latex-in-bulk also shed two sen to 520 a kg.
The unofficial closing price for tyre-grade SMR 20 decreased two sen to 734 sen a kg and latex-in-bulk fell 1.5 sen to 520 a kg.– Bernama
