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 Business

Rubber market continues uptrend

7th September, 2017

KUALA LUMPUR: The Malaysian rubber market continued its uptrend with SMR 20 prices surging to a near five-month high, a dealer said.

He said the bullish sentiment was bolstered by gains in regional rubber futures markets as market players reacted to China’s encouraging economic data, firmer oil prices and declining natural rubber inventories.

“Compared with Tuesday closing prices, SMR 20 rose 2.5 sen/kg to 709.50 and latex-in-bulk gained 13.0 sen/kg to 584.00 sen/kg”, the dealer said.

Sentiment on the rubber futures markets was also boosted by a rally in industrial metals, with London copper hitting a three-year high Tuesday on expectations of further signs of a healthy economic outlook for China.

“Meanwhile, Brent oil prices jumped to US$53.38 per barrel on Tuesday as Hurricane Harvey disrupted about 20 to 25 per cent of US refining capacity,” the dealer added.

At 12 pm, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 was 15.5 sen higher at 709.50 sen a kg and latex-in-bulk added 24 sen to 584 sen a kg.

The unofficial closing price at 5 pm for tyre-grade SMR 20 was 717 sen per kg, up 10 sen, while latex-in-bulk improved 13.5 sen to 584.50 sen a kg.

   
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