Malaysia's rubber market ends higher as China unwinds zero Covid policy
27 Dec 2022 06:48pm
Malaysian rubber market ended higher today
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Nevertheless, gains were capped by less encouraging Chinese economic data and the strengthening ringgit versus the US dollar.
"Japanese rubber futures climbed on Tuesday, tracking gains in the Shanghai market as the latest easing of COVID-19 curbs in top buyer China lifted sentiment, even as the country struggles with the recent surge in cases,” a dealer said.
Crude oil climbed higher as China took more steps to unwind its zero COVID-19 policy and as freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.
The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) added 6.50 sen to 564.5 sen a kg while latex-in-bulk was unchanged at 481.0 sen a kg.
At 5 pm, MRB’s closing price for SMR 20 stood at 561.5 sen a kg while latex-in-bulk was 480.0 sen a kg.
The Kuala Lumpur rubber market was closed on Monday for the Christmas holiday.
-- BERNAMA
