Rubber Market Rebounds To Close Higher, Tracking Regional Rubber Markets

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Aug 19 (Bernama) -- The Malaysian rubber market rebounded to close higher on Tuesday, in tandem with regional rubber futures markets, a dealer said.

He said market sentiment was lifted by encouraging news regarding the auto industry and the Chinese economic policy amid persistent worries about the natural rubber (NR) supply.

“Nevertheless, further gains were capped by losses in crude oil prices as investors turned cautious over Russia-Ukraine peace talks and upcoming cues from the US Federal Reserve,” he told Bernama.

He also noted that Japanese rubber futures rose on Tuesday, supported by expectations of higher automobile demand in India and concerns about weather in top producer Thailand.

At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 was up by 10 sen to 739 sen per kilogramme (kg), while latex in bulk inched up by 3.5 sen to 572 sen per kg.

-- BERNAMA