Rubber market ends higher on strong regional performance

Rubber market ends higher on strong regional performance
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KUALA LUMPUR (Oct 14): The Malaysian rubber market ended higher on Thursday, driven by gains in both regional rubber futures markets and crude oil price, a dealer said. 

He said the Japanese rubber futures rose on Thursday, as strength in the equity market on economic optimism boosted risk appetite.

The dealer said market players also reacted positively to better Chinese trade data.

"It was reported that China's trade surplus with the United States stood at US$42 billion (US$1=RM4.15) in September, up from US$37.68 billion in August," he said.

Nevertheless, further gains were capped as investors reckoned inflation will bring forward rate hikes around the world.

At press time, the benchmark Brent crude oil price rose 1.0% to US$84.09 per barrel.

The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) added 7.5 sen sen to 711 sen a kilogramme (kg), while latex-in-bulk increased three sen to 523.5 sen per kg.  

At 5pm, MRB’s closing price for SMR 20 stood at 706 sen a kg, while latex-in-bulk was at 519.5 sen a kg.