KUALA LUMPUR – The local rubber market closed higher today, supported by the strong regional rubber futures markets.
A dealer said markets globally also reacted positively to gains in the United States stock market on expectation that the vaccine rollout would help win the battle against the Covid-19 pandemic.
“An additional US fiscal stimulus also fuelled recovery hopes,” he said.
It was reported that the investors were betting that the incoming Joe Biden administration would ramp up the distribution of Covid-19 vaccines, which would allow large parts of the US economy to reopen.
The stronger performance was also influenced by gains in oil prices, with the benchmark Brent crude rising 0.37% to US$56.87 per barrel at the time of writing.
The Malaysian Rubber Board’s reference physical price for SMR 20 rose by 3.5 sen to 626.5 sen per kilogramme (kg) while latex-in-bulk increased by half-a-sen to 557.5 sen per kg.
At 5pm, the MRB’s closing price for SMR 20 stood at 625.5 sen per kg while latex-in-bulk was at 556 sen per kg.– Bernama, January 13, 2021
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