KUALA LUMPUR: The Malaysian rubber market closed higher today following firmer crude oil prices.
However, a dealer said the gain was capped by a stronger ringgit and negative response over a report on lower imports of both natural and synthetic rubber by China for October 2014.
“According to preliminary trade data issued by China’s General Administration of Customs, the world’s largest rubber consumer imported 300,000 tonnes of natural and synthetic rubber in October 2014, a 6.3 per cent drop from the previous month,” the dealer said.
At the close, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 increased seven sen to 505 sen a kg and latex-in-bulk rose 3.5 sen to 405.5 sen a kg.
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The unofficial closing price for tyre-grade SMR 20 gained 3.5 sen to 505.5 sen a kg, while latex-in-bulk added 2.5 sen to 407 sen a kg.– Bernama