Rubber prices close lower
Malaysian rubber prices closed lower for the second consecutive day following weaker performance of the commodity on the Tokyo Commodity Exchange (TOCOM), dealers said.
A dealer said the decline of rubber prices on TOCOM, which influenced the direction of global rubber prices, was weighed down by negative sentiment resulting from weaker US equities and lower crude oil prices.
According to news reports, market participants stayed on the sidelines, waiting for the final reading of the US second-quarter gross domestic product data to be released later today.
The stronger ringgit also affected the direction of the local rubber prices.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 eased one sen to 759.5 sen a kg while latex-in-bulk slipped 1.5 sen to 552.5 sen a kg.
The unofficial closing price at 5pm saw tyre-grade SMR20 dropping two sen to 760 sen a kg while latex-in-bulk declined 2.5 sen to 551.5 sen a kg.-- Bernama