KUALA LUMPUR: The Malaysian rubber market closes higher, lifted by the strong performance of the regional futures market and a weaker ringgit against the US dollar, a dealer says.
He said market sentiment yesterday was also boosted by optimism from China’s central bank measures and strong global manufacturing data.
“Further gains were capped by lingering worries about the rapid rise of Omicron cases worldwide,” he said.
The Japanese rubber futures rose yesterday, supported by a weaker yen against the US dollar and a rally in the Shanghai market, although lingering concerns over rising Covid-19 cases kept investors cautious.
The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber (SMR) 20 increased 14 sen to 735.50 sen a kg yesterday while latex-in-bulk rose 7.5 sen to 552 sen per kg. At 5pm, MRB’s closing price for SMR 20 stood at 727 sen a kg while latex-in-bulk was at 556.5 sen a kg. — Bernama