KUALA LUMPUR: The Malaysian rubber market extended its uptrend to close at a seven-week high yesterday on the back of a weaker ringgit and higher crude oil prices, said a dealer.
The dealer said strong buying sentiment was also helped by the main Indonesian rubber group’s move to request its exporters to impose strict limits on sales until the second quarter of 2015.
“The move is being taken to shore up rubber prices in the country,” he added.
He said the higher local rubber market was also in tandem with the Tokyo Commodity Exchange
The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 jumped 10 sen to 516.50 sen a kg, and latex-in-bulk increased 3.5 sen to 391.0 sen a kg.
The unofficial closing price for tyre-grade SMR 20 gained eight sen to 520 sen a kg and latex-in-bulk rose five sen to 394.0 sen to 394.0 sen a kg. Bernama