KUALA LUMPUR: Malaysian rubber prices closed mostly higher today, lifted by foreign buying following the weakening of the ringgit, a dealer said.
The local market posted gains due to a positive sentiment brought by a report that major buyers from China and India are on bargain-hunting, taking the advantage of the current low-price level.
“The same factor has also influenced the trend in the rubber prices on the Tokyo Commodity Exchange and Shanghai Futures Exchange,” the dealer told Bernama.
The local market closed yesterday for the Malaysia Day holiday.
The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 shed a sen to 478.5 sen a kg at noon while latex-in-bulk added 1.5 sen to 390.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 rose 5.5 sen to 489.5 sen a kg while latex-in-bulk gained 1.5 sen to 391 sen a kg.– Bernama
