KUALA LUMPUR – The Malaysian rubber market closed higher today amid mixed advice from regional rubber futures markets and gains in oil prices.
A dealer said sentiment was also lifted by encouraging news from China and Covid-19 vaccine hopes.
“Nevertheless, further gains were capped by a stronger ringgit against the US dollar coupled with the uncertainties over a US stimulus in the midst of climbing Covid-19 cases,” he said.
The dealer said the China Association of Automobile Manufacturers (CAAM) expected Chinese sales of over 20 million passenger vehicles and five million commercial vehicles this year, including trucks and buses.
“CAAM also expects Chinese sales to modestly grow next year and hit 30 million units in 2025,” he added.
The Malaysian Rubber Board’s (MRB) reference physical price for SMR 20 rose by 10.5 sen to 618.5 sen per kilogramme (kg) while latex-in-bulk remained unchanged at 587.0 sen a kg.
At 5pm, the MRB’s closing price for SMR 20 stood at 618.5 sen per kg while latex-in-bulk was at 582.5 sen a kg.– Bernama, December 11, 2020
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