KUALA LUMPUR, Aug 8 (Bernama) -- The Malaysian rubber market ended higher today supported by an uptrend in regional rubber futures markets, a dealer said.
He said Japanese rubber futures climbed and were on track for a weekly gain, buoyed by weather concerns in Thailand and improved clarity on United States (US)-Japan trade policies.
The dealer added that sentiment was also lifted by increased optimism for a September US interest rate cut.
“JP Morgan now expects the US Federal Reserve to cut interest rates by 25 basis points at its September meeting, citing signs of weakness in the labour market and uncertainty surrounding President Donald Trump’s latest Fed nomination,” he said.
Nevertheless, he noted that further gains were capped by concerns over softening US economic momentum.
“The number of Americans filing for first-time unemployment benefits rose slightly last week, and continuing jobless claims increased to 1.974 million for the week ending July 26, up 38,000 from the prior week, exceeding forecasts and reaching the highest level since November 2021,” he said.
At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber (SMR) 20 rose by eight sen to 726.00 sen per kilogramme (kg), while latex in bulk increased by 4.0 sen to 569.00 sen per kg.
-- BERNAMA
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