KUALA LUMPUR: The Malaysian rubber market, supported by China’s better-than-expected gross home product (GDP) information and firmer crude oil costs, closed increased yesterday amid combined recommendation from its regional friends, in response to a seller.
He stated market gamers additionally reacted to the decrease February rubber output reported by the Statistics Division final Friday and a weaker ringgit towards the US greenback.
Malaysia produced 29,920 tonnes of pure rubber in February 2022, down 39% from 49,087 tonnes in January 2022 and 40% decrease towards the 49,840 tonnes recorded a yr earlier.
The seller additionally famous that China’s first-quarter GDP rose 4.8% year-on-year, surpassing expectations of a 4.4% enhance.
“Nonetheless, additional positive factors have been capped by the continued Covid-19 curbs in China and deepening Russia-Ukraine disaster,” he stated.
The Malaysian Rubber Board’s (MRB) value for Customary Malaysian Rubber 20 (SMR 20) gained 12.5 sen to 731.5 sen a kg whereas latex-in-bulk elevated 2.5 sen to 677 sen per kg.At 5 pm, the MRB’s closing value for SMR 20 stood at 730 sen per kg whereas latex-in-bulk was at 676.5 sen per kg.
The market might be closed immediately together with the Nuzul Al-Quran vacation and can resume operations tomorrow.
In the meantime, the short-term interbank charges closed regular yesterday on Financial institution Negara operations to soak up surplus liquidity from the monetary system. — Bernama