Rubber Market Closes Higher

By Azlee Nor Mahmud KUALA LUMPUR, Oct 14 (Bernama) -- The Malaysian rubber market closes higher Friday in line with regional rubber futures markets, amid gains in crude oil prices and a weaker ringgit against the US dollar. It was reported that the benchmark rubber futures on the Tokyo Commodity Exchange rose, supported by gains in oil prices. A dealer told Bernama the US oil prices extended gains after a US government report showed hefty draws in diesel and gasoline which offsets the first crude inventory build in six weeks. On the local front, the Malaysian Rubber Glove Manufacturers Association (MARGMA) has encouraged its members to capitalise on Thailand's 'Rubber City', which offers attractive tax incentives, abundant labour supply and proximity to raw materials. "The Thai Government also provides water infrastructure and is also working on natural gas supply which will be available within three years," said MARGMA President, Denis Low Jau Foo. The Rubber City is located in the Southern Region Industrial Estate in Songkhla's Hatyai district. At noon, the Malaysian Rubber Board's official physical price for SMR 20 rose 14 sen to 635 sen a kg, while latex-in-bulk rose half-a-sen to 487 sen a kg. The 5 pm unofficial closing price for SMR 20 soared 20 sen to 640.5 sen, while latex-in-bulk was two sen better at 488 sen a kg. -- BERNAMA