KUALA LUMPUR: The Malaysian rubber market continued its rally for the fourth consecutive session, closing the day at a 10-month high as the ringgit continued to weaken, a dealer said.
“The market also responded positively on the report regarding the move by top rubber producers to take action to bolster prices, while Chinese funds accelerated buying,” he said.
The benchmark SMR 20 hit its highest since July 3 last year when it closed at 552.50 a kg.
Meanwhile, the ringgit contracted against the US dollar to 3.6285 from yesterday’s close of 3.6130.
The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose seven sen to 548 sen a kg at noon while latex-in-bulk gained 3.5 sen to 472.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 added one sen to 554 sen a kg, while latex-in-bulk increased six sen to 475.5 sen a kg.