Malaysian rubber prices closed lower today due to lack of demand for the commodity, dealers said.
The bearish sentiment was also influenced by the bearish rubber futures market on the Tokyo Commodity Exchange.
“The market showed little change in the absence of market moving news. The three-month low in Shanghai futures is putting some pressure and there is minimal activity from institutional funds,” said a dealer.
Elsewhere, the Statistics Department reported that natural rubber production in September declined 1.3 per cent to 71,921 tonnes compared with the same month last year while exports rose 32.3 per cent to 79,808 tonnes with China emerging the main destination for the commodity.
Meanwhile, the Malaysian Rubber Board’s official physical price at noon for tyre-grade SMR 20 was one sen lower at 732.50 sen a kg while latex-in-bulk shed one sen to 519 a kg.
The unofficial closing price for tyre-grade SMR 20 dropped four sen to 730 sen a kg and latex-in-bulk decreased one-and-a-half sen to 518.50 a kg.– Bernama
