KUALA LUMPUR: The Malaysian rubber market, supported by China’s better-than-expected gross domestic product (GDP) data and firmer crude oil prices, closed higher yesterday amid mixed advice from its regional peers, according to a dealer.

       He said market players also reacted to the lower February rubber output reported by the Statistics Department last Friday and a weaker ringgit against the US dollar.

       Malaysia produced 29,920 tonnes of natural rubber in February 2022, down 39% from 49,087 tonnes in January 2022 and 40% lower against the 49,840 tonnes recorded a year earlier.

       The dealer also noted that China’s first-quarter GDP rose 4.8% year-on-year, surpassing expectations of a 4.4% increase.

       “Nevertheless, further gains were capped by the ongoing Covid-19 curbs in China and deepening Russia-Ukraine crisis,” he said.

       The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) gained 12.5 sen to 731.5 sen a kg while latex-in-bulk increased 2.5 sen to 677 sen per kg.At 5 pm, the MRB’s closing price for SMR 20 stood at 730 sen per kg while latex-in-bulk was at 676.5 sen per kg.

       The market will be closed today in conjunction with the Nuzul Al-Quran holiday and will resume operations tomorrow.

       Meanwhile, the short-term interbank rates closed steady yesterday on Bank Negara operations to absorb surplus liquidity from the financial system. — Bernama