Rubber prices close lower
Malaysian rubber prices closed lower for the second consecutive day today, tracking a stronger ringgit against the US dollar and downward trend on Tokyo Commodity Exchange (TOCOM), a dealer said.
He said key TOCOM rubber futures declined over four per cent to a
three-month low due to rising rubber inventories and weak stock market performance in China.
The rubber market was also affected by the negative sentiment brought by concern over a report on slow car sales in China and India in February, he said.
Motor vehicles sales in China fell 14 per cent last month following long Lunar New Year holidays while the sales in India went down by 26 per cent due to a sluggish economy, high fuel prices and rising interest rates.
At noon, the Malaysian Rubber Board's official physical price for the SMR 20 fell 27.5 sen to 865 sen per kg while latex-in-bulk eased three sen to 623.5 sen per kg.
The unofficial closing price for the tyre-grade SMR 20 fell 29 sen to 846.5 sen per kg while latex-in-bulk decreased five sen to 620.5 sen per kg.-- Bernama