KUALA LUMPUR, Feb 26 (Bernama) -- The Malaysian rubber market closed mixed today as demand for the commodity was capped by a stronger ringgit, a dealer said.
He said lingering concerns over the COVID-19 outbreak continued to drive demand for natural rubber.
However, prices were capped by a firmer ringgit against the US dollar, with the local note appreciating to 4.4.2230/2280 against the greenback as at 5 pm today from yesterday’s close of 4.2310/2350.
Nevertheless, the local market remained resilient despite growing fears over the rapid increase in COVID-19 cases outside China which led to another sell-off in the global stock market as well as in the regional rubber futures markets.
At 12 pm, the Malaysian Rubber Board’s (MRB) reference physical price for tyre-grade SMR 20 rose 11.5 sen to 570 sen per kg and latex-in-bulk increased 4.5 sen to 466.5 sen per kg.
At 5 pm, the MRB’s reference physical price for SMR 20 lost 5.5 sen to 561 sen per kg and latex-in-bulk fell two sen to 463.5 sen per kg.
Rubber market, Closing, COVID-19, Ringgit, SMR20