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Wednesday, January 26, 2022

Malaysia: Rubber market closes mixed

KUALA LUMPUR: The Kuala Lumpur rubber market closed mixed today despite better China manufacturing data, a dealer said.

The dealer said China’s official Purchasing Managers’ Index rose to 50.8 in May from 50.6 in April, which beat market expectations and raised optimism that the world’s second-largest economy may be stabilising.

“It was also reported that the US automotive industry is expected to report sales growth of more than six per cent in May, shaking off disappointing results in the previous month as consumers still headed to dealer lots to buy new cars and trucks,” the dealer added.

At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 added one sen to 734.5 sen a kg but latex-in-bulk slipped three sen at 583.5 sen a kg.

Meanwhile, the unofficial sellers’ closing price for tyre-grade SMR 20 increased 10.5 sen to 740 sen a kg but latex-in-bulk declined 4.5 sen to 581 sen per kg. — BERNAMA

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