Local Rubber Market Ends Higher On Regional Uptrend

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, March 24 (Bernama) -- The Malaysian rubber market closed higher on Monday, driven by an upward momentum in regional rubber markets, said a dealer.

She said the increase was also supported by a weaker ringgit against the United States (US) dollar and a positive natural rubber projection from the Association of Natural Rubber Producing Countries.

“Prices were also supported by the seasonal tightening of raw materials in major producing countries amid optimism for further Chinese stimulus measures.

“Nevertheless, further gains were capped by US tariffs uncertainties coupled with escalating global trade tensions and easing crude oil prices,” the dealer told Bernama.

The Malaysian Rubber Board reported that as at 3 pm, the Standard Malaysian Rubber (SMR) 20 was up by 10.5 sen to 890.5 sen per kilogramme (kg).

In contrast, the price of latex in bulk declined by one sen to 687.5 sen per kg.

-- BERNAMA