Rubber mart closes lower on further strengthening of ringgit

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KUALA LUMPUR (June 30): The Malaysian rubber market closed lower today on further ringgit strengthening against the US dollar, a dealer said.

"This is in line with lower opening on Tokyo Commodity Exchange, as worries over economic growth in China hit buying sentiment," he said.

The dealer said that the annual growth in China's industrial profits slowed to 8.9 per cent in May 2014, the weakest pace this year, signalling challenges facing Chinese firms, despite signs of stabilisation in the economy.

At the close, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 slipped five sen to 562 sen a kg, while latex-in-bulk was one sen lower to 468 sen a kg.

The unofficial closing price for tyre-grade SMR 20 fell five sen to 559 sen a kg, while latex-in-bulk shed two sen to 467.5 sen a kg.