The Malaysian rubber market closed mostly higher yesterday, boosted by the weakening ringgit, a dealer said.
The ringgit was still hovering around 4.32 against the US dollar at noon, its weakest level in more than 12 years as concerns mounted over Donald Trump’s presidency on the US trade relations and its impact across Asia.
The dealer said the sentiment in the local rubber market was also lifted in tandem with the firmer regional rubber futures markets.
“It was reported that the benchmark rubber futures at the Tokyo Commodity Exchange rose on a weaker yen,” he added.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 rose 9.5 sen to 724 sen a kg, while latex in bulk improved 5.5 sen to 528 sen a kg.
The unofficial closing price for tyre-grade SMR20 shed three sen to 708 sen a kg, while latex in bulk was 10.5 sen higher at 532 sen a kg. — Bernama