Rubber mart closes marginally lower on stronger ringgit

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KUALA LUMPUR (June 27): The Malaysian rubber market closed marginally lower today on a further strengthening of the ringgit, while influencing demand from importers, a dealer said.

He said that the downtrend was also in tandem with rubber prices on the Tokyo Commodity Exchange, which was affected by a weaker yen.

Another dealer said that the current tight supply condition, presumably helped push prices higher. But weak demand from China, the largest natural rubber consumer, also weighed on the price.

At the close, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20, slipped two sen to 567 sen a kg, while latex-in-bulk was unchanged at 469 sen a kg.

The unofficial closing price for tyre-grade SMR 20 fell 5.5 sen to 564 sen a kg, while latex-in-bulk shed 0.5 sen to 469.5 sen a kg.