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Rubber market ends higher after long holiday break | Malay Mail

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KUALA LUMPUR, May 5 — The rubber market ended higher today after a five-day long weekend in conjunction with the Labour Day and Hari Raya Aidilfitri celebrations, a dealer said. She said the local market was supported by gains in oil prices and positive sentiment from the US Federal Reserve (Fed)...

KUALA LUMPUR, May 5 — The rubber market ended higher today after a five-day long weekend in conjunction with the Labour Day and Hari Raya Aidilfitri celebrations, a dealer said.

“Oil prices edged higher on Thursday as a European Union proposal for new sanctions against Russia, including an embargo on crude oil in six months, offset concerns over Chinese oil demand. On US interest rate, it was reported that the US Fed chairman Jerome Powell said policymakers were ready to approve additional half-percentage-point rate hikes in June and July. The US central bank this week raised its benchmark interest rate by a half-percentage point to a range of between 0.75 and 1.0 per cent.

At 5.11 pm, the local note appreciated to 4.3450/3490 versus the greenback from Friday’s close of 4.3520/3570.

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