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Rubber market ends lower on mild selling

04 Aug 2023 05:56pm
Photo by Bernama
Photo by Bernama

KUALA LUMPUR - Malaysian rubber prices ended slightly lower today due to mild selling, which was influenced by mixed advice from the regional rubber futures market, said a dealer.

He said the Japanese rubber futures inched up on Friday due to the weaker yen. "Further losses were restricted due to the increase in crude oil prices and China’s commitment to providing more economic stimulus,” he said. It was reported that there was a rise in oil prices following an announcement by Saudi Arabia and Russia that they will reduce output for the next month. At 5.05 pm, Brent crude expanded 0.35 per cent to US$85.42 per barrel, while West Texas Intermediate (WTI) crude widened 0.37 per cent to US$81.83 per barrel. Meanwhile, the Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) fell 2.5 sen to 577.0 sen per kilogramme (kg), while latex-in-bulk decreased 1.5 sen to 480.0 sen per kg.

At 5 pm, the MRB’s reference price for physical rubber SMR 20 stood at 576.5 sen a kg, while latex-in-bulk was at 479.5 sen a kg. - BERNAMA

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