Malaysian rubber market extended its uptrend to today, bolstered by firmer leads from regional rubber futures markets and as benchmark oil prices surged to a more than 2 -year high yesterday, a dealer said.
The dealer said the positive sentiment was also aided by implementation of natural rubber (NR) export cuts by Thailand, Indonesia and Malaysia under the framework of the International Tripartite Rubber Council (ITRC) with immediate effect and until March 31, 2018.
At noon, the Malaysian Rubber Board’s official physical price for SMR 20 was five sen higher at 591.50 sen a kg, and latex-in-bulk increased 14.5 sen to 466.50 sen a kg.
The 5 pm unofficial closing price for SMR 20 inched down 0.5 sen to 588.40 sen a kg, while latex-in-bulk gained nine sen to 466 sen a kg.