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Rubber market ends May on higher note

The rubber market ended the last day of trading in May on a higher note, mirroring the bullish performance of regional rubber futures, on concerns over a supply shortage.

However, a dealer said, gains were capped by the decline in oil prices and weaker factory manufacturing activity in China.

It was reported that China's official Purchasing Managers' Index contracted more than expected in May to 49.4 from 50.1 in April.

Meanwhile, oil prices continued on a downtrend mode, with Brent crude standing at US$64.33 per barrel, as trade war worries continued.

At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 rose 11.0 sen to 642.5 sen a kg, while latex-in-bulk was 4.0 sen higher at 493.5 sen a kg.

The unofficial closing price for tyre-grade SMR 20 improved 11.0 sen to 647.0 sen a kg, while latex-in-bulk increased 5.0 sen to 495.0 sen a kg. — Bernama