KUALA LUMPUR (May 12): A slightly weaker ringgit helped Malaysian rubber prices close higher today to rebound from last week’s decline, a dealer said.
He told Bernama the ringgit’s weakening was favourable to buyers, especially foreigners.
However, the dealer said there was still negative sentiment that capped buying interest, underlined by a report that Thailand, the world’s leading rubber producer, was determined to go ahead with plans to sell 200,000 metric tonnes of natural rubber from its stockpile.
The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose 4.5 sen to 535.5 sen a kg at noon, while latex-in-bulk slipped one sen to 452 sen a kg.
The unofficial closing price for tyre-grade SMR 20 increased 11.5 sen to 539.50 sen a kg, while latex-in-bulk also gained one sen to 452.5 sen a kg.
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