KUALA LUMPUR: The Malaysian rubber market closed lower today amid the weakening ringgit, a dealer said.
He said the market tracked the downtrend in regional futures markets following a further fall in crude oil prices.
“It came after Saudi Arabia’s announcement of deep discounts for Asian and U.S. buyers in an apparent attempt to defend its own market share.
“In addition, the weakening Chinese demand for rubber had also worsened the already negative sentiment,” he said.
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At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 declined two sen to 503.5 sen a kg and latex-in-bulk fell 6.5 sen to 359.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 went down nine sen to 498 sen a kg while latex-in-bulk dropped 6.5 sen to 358.5 sen a kg.– Bernama
