Rubber prices closed higher today on the back of a weakening of the ringgit to the US dollar, dealers said.
A dealer said at the same time, the uptrend was also the result of positive sentiment on the ongoing low-production season, which has started in the major producing region of Southern Thailand.
“The higher opening of the Tokyo Commodity Exchange (TOCOM) prices resulting from the weakening of the yen against the greenback was also a factor,” he added.
Meanwhile, it was reported that the US jobs data signalled that the world’s biggest economy may have developed enough momentum to withstand the blow from higher taxes and deep government spending cuts.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 rose 10 sen to 902.5 sen per kg, and latex-in-bulk was 4.5 sen higher at 627 sen per kg.
The unofficial closing price for tyre-grade SMR20 improved 4.5 sen to 902 sen per kg, and latex-in-bulk gained 2.5 sen to 627.5 sen per kg.– Bernama
