KUALA LUMPUR: The Malaysian rubber market closed higher today supported by firmer guidance from the regional rubber futures markets.
A dealer said the local market was responding to the uptrend in the Shanghai Futures Exchange after China announced stimulus measures to lessen the economic impact from the 2019 novel coronavirus outbreak.
Chinese President Xi Jinping, in a meeting with top officials on Monday (Feb 3), called for a tougher response to contain the disease as the outcome would directly impact social stability in the country.
He added gains was also supported by an increase in oil prices.
At press time, the benchmark Brent crude surged 3.02 per cent to US$55.59 per barrel today.
At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 rose 13.0 sen to 532.0 per kg, while latex-in-bulk increased 6.5 sen to 436.5 sen per kg.
At 5 pm, the MRB’s reference physical price for SMR 20 inched up one sen to 531.50 sen per kg and latex-in-bulk up 3.5 sen to 439.0 sen per kg. – Feb 5, 2020, Bernama