KUALA LUMPUR: The Malaysian rubber market extended its uptrend yesterday, supported by gains in the Shanghai rubber futures exchange and a weakening ringgit, amid renewed fears of Covid-19 lockdowns in China, said a trader.
Further gains were capped by losses in benchmark crude oil prices and deteriorating global sentiment, following recession risks in the United States and the European energy crisis, she added.
“Market traders are keeping an eye on the European inflation data and the outcome of major central banks’ meetings this week for further clues on the global economic outlook,” the dealer told Bernama.
Meanwhile, the Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) improved by 14 sen to 696.50 sen per kilogramme (kg), while latex-in-bulk was five sen higher at 522.50 sen a kg. — Bernama