Rubber market ends higher in line with regional futures markets
29 Sep 2022 05:32pm
Uncollected scrap rubber by rubber tappers - BERNAMA
A dealer said overnight gains in crude oil prices and the continuous weakening of the ringgit against the US dollar also increased their risk appetite resulting in them to stock up on rubber.
Market sentiment was also lifted by China's commitment to implement economic policies to further stabilise its economy.
Yesterday, Chinese Premier Li Keqiang said the country will push ahead with their economic programme in the fourth quarter of this year after the economy stabilises in the third quarter.
Nevertheless, further gains were capped by concerns over rising interest rates and a looming recession.
The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) rose 7.5 sen to 616.5 sen per kg while latex-in-bulk inched up 2.5 sen to 469.5 sen per kg.
At 5 pm, MRB’s closing price for SMR 20 stood at 611 sen a kg while latex-in-bulk was at 467.5 sen a kg. - BERNAMA
