Rubber Price Hits Seven Month High Amid Hope Of US-China Trade Truce

KUALA LUMPUR, Jan 9 (Bernama) – Malaysian rubber prices hit a seven month high on Wednesday as hopes that the United States and China would strike a deal to end the trade war improved market sentiment. The stronger regional rubber futures markets and firmer oil prices also aided the surge, said a dealer. “Investors will be keeping an eye on the trade front as negotiations between the US and China, the world's two largest economies, extended into an unscheduled third day,” the dealer said. The Tokyo Commodity Exchange (TOCOM) rubber futures also extended its gains to a seven-month high on hopes that the United States and China would strike a deal to end their trade war. The Malaysian Rubber Board's noon price for tyre-grade SMR 20 rose 8.0 sen to 570.5 sen a kg and latex-in-bulk gained 3.5 sen to 402 sen a kg. The 5 pm closing price for tyre-grade SMR 20 added 1.5 sen to 564 sen a kg while latex-in-bulk increased 1.0 sen to 401 sen a kg. -- BERNAMA