Rubber Market Closes Higher, Tracking Regional Rubber Futures

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, May 5 (Bernama) -- The rubber market closed higher on Tuesday, tracking gains in regional rubber futures amid the absence of Chinese and Japanese buyers, said a dealer.

He said a slightly weaker ringgit against the US dollar also supported the sentiment.

At 8 am, the ringgit traded at 3.9540/9590 against the greenback compared with 3.9540/9575 at yesterday’s close.

“Nevertheless, further gains were capped by softer benchmark crude oil prices, mixed United States economic data and a more cautious global economic outlook, as heightened tensions in West Asia continue to weigh on sentiment,” the dealer told Bernama.

At 3 pm, the Standard Malaysian Rubber (SMR) 20 price increased six sen to 872 sen per kilogramme (kg) while latex-in-bulk was up by five sen to 755 sen per kg.

-- BERNAMA