Malaysia: Rubber market closes lower

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KUALA LUMPUR (Apr 21): The Malaysian rubber market dropped sharply today in response to tumbling prices on the Tokyo Commodity Exchange (TOCOM), said a dealer. 

The dealer said although TOCOM was reported to be technically oversold, traders were of the view that there would be a technical correction. 

The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 dropped 25 sen to 555 sen a kg at noon while latex-in-bulk was eight sen lower
at 463 sen a kg.

The unofficial closing price for tyre-grade SMR 20 depreciated 39.5 sen to 538 sen a kg while latex-in-bulk dipped 10.5 sen to 458.5 sen a kg.