Malaysian rubber prices closed firmer today boosted by regional bullish sentiment but trading remained quiet, a dealer said.
The better local market performance was in sync with the higher opening on the Tokyo Commodity Exchange boosted by the stronger dollar against the yen over the weekend.
A drop in inventories also helped spur buying sentiment.
“Industry data released on Friday showed rubber inventories at Japanese ports fell to 15,637 tonnes, as of May 10, down 457 tonnes over a 10-day period,” the dealer added.
Meanwhile, in China, rubber inventories in warehouses monitored by the Shanghai Futures Exchange, as of May 17, fell 0.8 per cent from last Friday.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 surged 16.5 sen to 755.5 a kg and latex-in-bulk added 2.5 sen to 593 sen a kg.
Meanwhile, the unofficial sellers’ closing price for tyre-grade SMR 20 rose 10 sen to 758.5 sen a kg and latex-in-bulk added 1.5 sen to 594 sen a kg.– Bernama
