Malaysia: Rubber market extends gains
The Malaysian rubber market extended its gain to close higher for the fourth consecutive day yesterday in tandem with the regional futures market, a dealer said.He said apart from the weakness in ringgit, the local rubber market had witnessed an increase in prices in response to a statement by International Rubber Consortium (IRCo) on the possible cut in supply.
IRco’s chief executive Yium Tavarolit, in a statement said rubber production in Thailand and Malaysia would fall by at least 100,000 tonnes a month if the floods persisted.
Meanwhile, benchmark Tokyo rubber futures jumped to their highest in nearly six months yesterday on its last day of trading for the year, said another dealer.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 increased 6.5 sen to 515 sen a kg, while latex-in-bulk rose two sen to 375 sen a kg.
The unofficial closing price for tyre-grade SMR 20 increased 8.5 sen to 517.50 sen a kg while latex-in-bulk gained three sen to 376 sen a kg.Bernama.
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