The Malaysian rubber prices closed higher today due to the weakening of the ringgit against the US dollar, a dealer said.
The dealer said the rubber prices, which opened slightly higher, was in tandem with the higher prices on the Tokyo Commodity Exchange (TOCOM), boosted by the weaker yen against the US dollar.
He added that the market also responded positively to a report that new light-vehicle sales in the US rose by 3.4 per cent last month and the annual sales pace reached 15.27 million, which was in line with analysts’ expectations.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 added one sen to 810 sen a kg from Tuesday’s 809 sen a kg, while latex-in-bulk lost 2.5 sen to 605.5 sen a kg from 608 sen a kg yesterday.
The unofficial closing price for tyre-grade SMR 20 rose one sen to 807 sen a kg from 806 sen a kg while latex-in-bulk slipped 2.5 sen to 604 sen a kg from 606.5 sen a kg previously.– Bernama
