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Tuesday, May 24, 2022

Malaysian rubber prices close higher

Malaysian rubber prices closed higher today in line with the rise in prices on the Tokyo rubber futures, dealers said.

The dealer said the higher rubber price was due to a weakening of the yen against the US dollar and positive sentiment on Wall Street.

Another dealer said the recent outbreak of bird flu (H7N9) in China, which triggered an increase in demand for rubber gloves, had helped buck the downtrend on the overseas market.

The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose seven sen to 724.5 sen a kg at noon, while latex-in-bulk increased 3.5 sen to 572 sen a kg.

The unofficial closing price for tyre-grade SMR 20 gained 12.5 sen to 732.5 sen a kg, while latex-in-bulk improved 5.5 sen to 575.5 sen a kg.– Bernama

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