By Kisho Kumari Sucedaram
KUALA LUMPUR, July 26 (Bernama) -- The Kuala Lumpur rubber market closed higher today, supported by tight supply concerns due to the adverse weather forecast in Thailand and amid an uptrend in regional rubber futures markets.
According to a dealer, market sentiment was also lifted by data showing improving United States economic performance and crude oil price gains.
“Oil prices rose slightly on Friday but remained on track for a third straight week of decline due to weak demand in China, the world’s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East,” she said.
She noted that Japanese rubber futures rose on Friday, tracking gains in synthetic rubber and oil prices.
Nevertheless, she added that further gains were capped by the stronger ringgit against the US dollar and continued violence in the Middle East.
The Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) was up by 12 sen to 772.50 sen per kilogramme (kg), while latex-in-bulk gained 0.5 sen to 625.50 sen per kg.
At 5 pm, the MRB reference price for physical SMR 20 stood at 767 sen per kg, while latex-in-bulk was at 626.5 sen per kg.
-- BERNAMA
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