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Thursday, March 23, 2023

Malaysia: Rubber mart closes slightly higher

KUALA LUMPUR (June 26): The Malaysian rubber market closed slightly higher today, on mild buying support amid a stronger ringgit, dealers said.

A dealer said that sentiment was clouded by concerns over the developments in the US and China’s economies.

It was reported that the US economy contracted at a much steeper pace in the first quarter of this year, than previously estimated, turning in one of its worst-ever non-recession performances.

In a separate development, more Chinese bankers believed that the economy was cooling in the second quarter than earlier in the year, and demand for loans has weakened, according to a central bank survey.

At the close, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 added 0.5 sen to 569 sen a kg, and latex-in-bulk gained one sen to 469 sen a kg.

The unofficial closing price for tyre-grade SMR 20 gained 0.5 sen to 569.5 sen a kg, while latex-in-bulk rose 1.5 sen to 470 sen a kg.

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