KL Rubber Market Closes Slightly Higher, Tracking Crude Oil Gains
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Jan 31 (Bernama) -- The Kuala Lumpur rubber market closed slightly higher on Friday, taking the cue from steady benchmark crude oil prices and concerns over natural rubber supply shortages due to wet weather in major producing countries, a dealer said.
At 5 pm, Brent crude oil prices edged up by 0.12 per cent to US$77.08.
Nevertheless, further gains were limited by mixed regional rubber futures markets and concerns over potential US trade tariffs, she noted.
" Meanwhile, the Japanese rubber futures climbed on Friday and were set for a monthly gain, as worsening weather in top producer Thailand raised supply concerns. However, gains were capped by a stronger yen," she told Bernama
She added that the recent rainfall in southern Thailand has slowed production growth ahead of the rubber wintering season.
“Thailand's northeast monsoon, prevailing over the Gulf and the South, is expected to strengthen, bringing more rain and isolated heavy showers," she said, citing a report from the Meteorological Department of Thailand.
The Malaysian Rubber Board (MRB) reported that at 3 pm the price of Standard Malaysian Rubber 20 (SMR 20) was up by one sen to 884 sen per kilogramme (kg) while latex in bulk eased by one sen to 677 sen per kg.
-- BERNAMA