By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Sept 8 (Bernama) -- The Malaysian rubber market closed higher on Thursday, supported by steady benchmark crude oil prices amid concern over natural rubber supply shortage due to rainy weather in major producing countries, said a dealer.
He said market sentiment was also lifted by optimism for the United States (US) Federal Reserve interest rate cuts in September and further Chinese stimulus.
“Oil prices gained more than one per cent on Monday, trimming some of last week's losses, as the prospect of more sanctions on Russian crude after an overnight strike on Ukraine offset the Organization of the Petroleum Exporting Countries’ (OPEC+) planned output increase,” he told Bernama.
At 5.10 pm, Brent crude oil prices increased by 1.76 per cent to US$66.62 per barrel.
At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 rose 12.5 sen to 765 sen per kilogramme (kg), while latex in bulk inched up 2.5 sen to 577.5 sen per kg.
-- BERNAMA
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