KUALA LUMPUR, Jan 7 (Bernama) --The Malaysian rubber market extended its rally with the benchmark SMR 20 surpassing the RM6.00 level per kg today, bolstered by firmer guidance from regional rubber futures markets, said a dealer.
Investors, he said, were also optimistic over the market's positive outlook despite tensions in the Middle East over the recent assassination of an Iranian military commander in Baghdad.
"Benchmark oil prices erased gains from yesterday to open lower today as no fresh escalation in tensions were reported from the Middle East. Investors are optimistic that the geopolitical tension will not have a major impact on the global economy,” said the dealer.
On Jan 3, the United States killed Iranian General Qassem Soleimani, triggering fears of a military conflict in the oil-rich region.
Yesterday, international benchmark Brent crude surged more than US$70 per barrel but declined 0.42 per cent to US$68.62 per barrel today at press time.
At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 increased 2.5 sen to 602 sen per kg and latex-in-bulk rose 2.5 sen to 458 sen per kg.
At 5 pm, the MRB’s reference physical price for SMR 20 jumped nine sen to 608.50 sen per kg, while latex-in-bulk inched up six sen to 462 sen per kg.
Malaysian rubber market, MRB, SMR 20, Mideast tensions, Oil