The Malaysian rubber market closed mixed ton january 7th in quietly steady trading despite higher prices on the Tokyo Commodity Exchange (TOCOM). A dealer said there were concerns that automakers in China are bracing for another year of tepid single-digit growth in 2013. However, sentiment remained optimistic after data on the services sector and labour market signalled the United States economy is continuing its steady but slow recovery.
“Traders are hoping that improving global economic conditions will be able to boost demand for the commodity,” the dealer said. At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 slipped 0.5 sen per kg to 922.5 sen per kg, while latex-in-bulk increased 5.5 sen per kg to 620 sen per kg.
The unofficial closing price for tyre-grade SMR20 decreased 6.5 sen to 915 sen per kg, while latex-in-bulk decreased 2.5 sen to 619 sen per kg.