KUALA LUMPUR: The Malaysian rubber market extended its upward momentum to end higher today with the price of Standard Malaysian Rubber 20 (SMR 20) reaching its highest level since November 2022, said a dealer.
He said the rise was boosted by prospects of China's economic recovery, strong United States (US) economic growth in the fourth quarter of 2022, and good advice from benchmark crude oil prices.
"Japanese rubber futures climbed on Friday to their highest in more than three months and were set for a fourth straight weekly gain as brightened prospects of an economic recovery in top buyer China boosted demand sentiment," he told Bernama.
He said oil prices rose today and were set to end the week flat amid caution over an upcoming Organisation of Petroleum Exporting Countries and its allies (OPEC+) panel meeting, as well as more cues on the US economy from a reading on the Federal Reserve's preferred inflation gauge.
The dealer said it was reported that the US economy kept up a strong pace of growth in the fourth quarter of 2022, when gross domestic product increased by 2.9 per cent, proving a resilient economy.
At the time of writing, the benchmark Brent crude oil price was up 0.72 per cent to US$88.10 per barrel.
Meanwhile, the Malaysian Rubber Board's (MRB) price for SMR 20 rose 11 sen to 625.0 sen a kilogramme (kg), while latex-in-bulk was up four sen to 536.5 sen a kg.
At 5 pm, MRB's closing price for SMR 20 stood at 616.5 sen a kg, while latex-in-bulk was at 539.0 sen a kg.