ERJ staff report (TP)
Kuala Lumpur – The rubber price closed lower today (6 November) on lack of demand for the commodity, reported The Business Times in Malaysia.
An unnamed dealer said the rubber price dropped following negative sentiments brought by a report that China's rubber purchase only amounted to 1.3 per cent of the country's estimated demand for this year, which is below 200,000 tonnes that the Chinese government was rumoured to have been looking for.
The International Rubber Consortium reported that trading in rubber markets are likely to be subdued this week due to lack of strong macroeconomic cues from the United States and China, he said.
At noon (Malaysian time), the Malaysian Rubber Board's official physical price for
tire-grade SMR 20 fell one sen (€0.0023) to 724 sen (€1.68) a kg and latex-in-bulk shed two sen (€0.0046) to 523.5 sen (€1.22) a kg.
The unofficial closing price for tire-grade SMR 20 declined four sen (€0.0093) to 722 sen (€1.68) a kg while latex-in-bulk slipped three sen (€0.0069) to 522 sen (€1.21) a kg.
The market was closed yesterday (5 November) for the Awal Muharram public holiday.
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Full story from Business Times