Rubber Market Ends Higher On Regional Gains, Stronger Oil Prices
By K. Naveen Prabu
KUALA LUMPUR, July 11 (Bernama) -- The Malaysian rubber market ended higher today, in tandem with the upbeat regional rubber futures markets, a dealer said.
He said the Japanese rubber futures market rose today and was on track for a fourth consecutive weekly gain.
The dealer noted that the market sentiment was also lifted by the recovery in oil prices.
“Oil prices held steady on Friday as markets digested fresh United States (US) tariff threats from President Donald Trump while remaining cautious over the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) supply outlook,” he said.
At the time of writing, Brent crude oil prices edged up by 0.29 per cent to US$68.84 per barrel.
The dealer added that stronger US economic data also supported market sentiment.
“US weekly jobless claims unexpectedly fell to a seven-week low, suggesting that employers are holding on to workers despite other signs of a cooling labour market,” he said.
Nevertheless, he said further gains were capped as investors weighed a flurry of trade tariff announcements from Trump and braced for further actions.
At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) increased by 5.0 sen to 726.00 sen per kilogramme (kg), while latex in bulk rose by 2.0 sen to 566.50 sen per kg.
-- BERNAMA