KUALA LUMPUR, March 30 — The Malaysian rubber market continued to close higher on the fourth consecutive day, tracking positive sentiments in the regional rubber futures market, coupled with the weaker ringgit versus the US dollar, a dealer said.
The dealer said that the market was also supported by China’s economic performance and further easing of the United States’ (US) banking fears.
“China’s economic performance has improved in March and the country will expand domestic demand and consolidate its economic recovery,” she said.
Meanwhile, she noted the US dollar was on the front foot on Thursday as receding concerns over the banking sector helped improve risk sentiment, with investors switching their attention to the US Federal Reserve’s battle against inflation.
“Nevertheless, further gains were capped by losses in crude oil prices,” she added.
The Malaysian Rubber Board (MRB) price for the Standard Malaysian Rubber 20 (SMR 20) was up by 11.5 sen to 591.5 sen a kilogramme (kg), while latex-in-bulk eased by 2.0 sen to 510.0 sen a kg.
At 5 pm, the MRB closing price for SMR 20 stood at 590.5 sen a kg, while latex-in-bulk was at 508.5 sen a kg. — Bernama
