KUALA LUMPUR: The price of Standard Malaysian Rubber grade SMR 20 surged on Monday on rising concern over supply shortage due to hot weather in major natural rubber-producing countries, said a dealer.
The dealer said buyers were seen stocking up on SMR 20 after the Statistics Department that Malaysian natural rubber production decreased by 2.0 per cent to 29,691 tonnes in February 2024 from 30,287 tonnes in the preceding month.
"An uptrend in regional rubber futures markets as well as a weaker ringgit also lend some support to the price of SMR 20.
"Nevertheless, further gains were capped by declining crude oil prices and as strong US economic data dent hopes of a US Federal Reserve rate cut,” she told Bernama.
The Malaysian Rubber Board (MRB) price for SMR 20 surged by 23.5 sen to 784.5 sen per kilogramme (kg) while the price of latex-in-bulk remained unchanged at 741 sen per kg.
At 5 pm, the MRB reference price for physical SMR 20 stood at 782 sen per kg while latex-in-bulk was 743.5 sen per kg.
The Kuala Lumpur market will be closed from April 9 to 11, 2024, in conjunction with the Aidilfitri celebration and will reopen on April 12, 2024. - Bernama
