Rubber Market Closes Higher, Tracking Regional Futures Markets
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Nov 19 (Bernama) -- The Kuala Lumpur rubber market rose to end higher on Tuesday, supported by an uptrend in regional rubber futures markets, a dealer said.
He said the performance was further bolstered by steady benchmark crude oil prices and disruptions in natural rubber (NR) supply due to unfavourable weather in major NR-producing countries.
“Market sentiment was also lifted by optimism for more Chinese stimulus encouraged by improving economic performance.
“Nevertheless, further gains were capped by a stronger ringgit against the greenback coupled with brewing United States-China trade tensions,” the dealer told Bernama.
He noted that Japanese rubber futures rose on Tuesday because of a stronger yen and fresh property measures in Shanghai that boosted sentiments in top consumer China.
According to the Malaysian Rubber Board, the price of Standard Malaysian Rubber 20 (SMR 20) was up by 2.5 sen to 843.50 sen per kilogramme (kg), while latex in bulk increased by half a sen to 678.5 sen per kg.
At 5 pm, SMR 20 stood at 844 sen per kg and latex in bulk was at 679.5 sen per kg.
-- BERNAMA