KUALA LUMPUR, Jan 25 — The Malaysian rubber market ended higher today, tracking gains in the Japanese rubber futures markets amid the absence of Chinese traders due to the Chinese New Year holidays, said a dealer.
He said continued optimism for an economic recovery in China and improved global economic outlook due to recent falls in annual inflation rates in major economies had lifted market sentiment.
“Nonetheless, further gains were capped by the strengthening of the ringgit against the US dollar,” he told Bernama.
The Shanghai Futures Exchange (SHFE) is closed for a week for the Chinese New Year holidays and will resume trading on January 30.
The dealer said the International Monetary Fund (IMF) reported that the prospects for the global economy have brightened amid signs that inflation is retreating from its four-decade high.
“The IMF will release updated forecasts for the global economy at the end of the month and hinted at a small upgrade to the current forecast of 2.7 per cent growth for 2023,” he added.
Meanwhile, the Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) rose seven sen to 611.5 sen a kilogramme (kg), while latex-in-bulk was up by one sen to 524.0 sen a kg.
At 5pm, MRB’s closing price for SMR 20 stood at 613.5 sen a kg, while latex-in-bulk was at 527.0 sen a kg.