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Malaysia: Rubber market firms to 10-month high (28-05-2015)

 

KUALA LUMPUR: The Malaysian rubber market continued its rally for the fourth consecutive session, closing the day at a 10-month high as the ringgit continued to weaken, a dealer said.  

`The market also responded positively on the report regarding the move by top rubber producers to take action to bolster prices, while Chinese funds accelerated buying,` he said.

The benchmark SMR 20 hit its highest since July 3 last year when it closed at 552.50 a kg.

Meanwhile, the ringgit contracted against the US dollar to 3.6285 from yesterday`s close of 3.6130.

The Malaysian Rubber Board`s official physical price for tyre-grade SMR 20 rose seven sen to 548 sen a kg at noon while latex-in-bulk gained 3.5 sen to 472.5 sen a kg.

The unofficial closing price for tyre-grade SMR 20 added one sen to 554 sen a kg, while latex-in-bulk increased six sen to 475.5 sen a kg.

– Bernama

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