KUALA LUMPUR: The Malaysian rubber market extended its losses to close lower yesterday despite the sharp rebound in oil prices overnight, dealers said.
A dealer said the local market was also dampened by the negative response over a report that Indonesian rubber exporters were currently exercising caution as the world’s second largest rubber producer held on to stocks this week after prices tumbled to within striking distance of five-year lows.
At the close, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell 8.5 sen to 486.50 sen a kg and latex-in-bulk eased 0.5 sen to 397.50 sen a kg.
The unofficial closing price for tyre-grade SMR 20 increased 0.5 sen to 489 sen a kg, while latex-in-bulk edged up 0.5 sen to 398 sen a kg. Bernama
