By Fatin Umairah Abdul Hamid
KUALA LUMPUR, April 7 (Bernama) -- The Kuala Lumpur rubber market extended its upward momentum to close higher on Tuesday, supported by gains in regional rubber futures, rising crude oil prices, and a slightly weaker ringgit against the US dollar, a dealer said.
He noted that Japanese rubber futures climbed today, reaching a one-and-a-half-year high as sentiment was lifted by hopes of easing West Asia tensions, amidst ongoing concerns over tight raw material supply in natural rubber-producing countries.
“However, gains were limited by prospects of slower global growth, higher inflation, weaker United States (US) economic data, and continued caution over the West Asia conflict,” he told Bernama.
The dealer said oil prices rose in Asian trading as investors focused on potential West Asia war escalation ahead of US President Donald Trump’s Strait of Hormuz deadline.
“Markets are pricing in a possible end to the war or ceasefire progress, easing inflation and growth concerns and supporting demand,” he added.
At the time of writing, Brent crude oil prices rose 0.16 per cent to US$109.95 per barrel.
At 3 pm, the price of Standard Malaysian Rubber (SMR) 20 rose by 10.5 sen to 840.50 sen per kilogramme (kg), while latex in bulk increased by 10 sen to 746.50 sen per kg.
-- BERNAMA
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