Kuala Lumpur, July 8: Malaysian rubber prices again closed mixed on Wednesday after another dull session due to lack of fresh demand, traders said."There's nothing much happening with dealers just checking prices," a local trader said, adding that there was no sign of any physical trading.
The market ignored news that the International Natural Rubber Organisation (INRO) had some 90-100 million ringgit for immediate use to defend weak rubber prices.
"INRO has a usable fund of 90-100 million ringgit for immediate use for buffer stock manager purchases," Ng Kok Tee, INRO's senior buffer stock officer, told Reuters in an interview. It could call up additional funds if required, Ng said.
Under INRO rules, the buffer stock manager may buy rubber when the group's five-day moving average price falls to 183 Malaysian/Singapore cents a kg. He must buy at 172. The average price was 190.38 cents on July 7 and the daily market indicator price was 190.04. At the close, the Malaysian Rubber Board quoted AugustRSS1 buyer at 285.50 Malaysian cents (69 U.S. Cents) a kg, up half cent from Tuesday's close.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
