Rubber Market Ends Higher, Tracking Regional Futures

By Durratul Ain Ahmad Fuad and Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, Jan 5 (Bernama) -- The Kuala Lumpur rubber market ended higher on Monday in tandem with the uptrend in the regional rubber futures markets and a weaker ringgit against the US dollar, a dealer said. 

“Japanese rubber rose for a ninth consecutive session today, climbing to its highest since March, with the market buoyed by strong car sales and higher oil prices,” she told Bernama. 

Further gains were, nonetheless, capped by a downtrend in crude oil prices following political turmoil in an Organisation of the Petroleum Exporting Countries member state that disrupted oil supply, she added.

According to the dealer, oil prices drifted lower on Monday as adequate global supplies offset concerns about supply disruptions after the United States captured Venezuelan President Nicolas Maduro in a raid over the weekend. 

At 4.29 pm, the ringgit weakened to 4.0675/0720 against the greenback from last Friday’s close of 4.0515/0560.

Meanwhile, Brent crude was down 1.37 per cent to US$59.92 a barrel at the time of writing.

At 3 pm, Standard Malaysian Rubber (SMR) 20 increased 12.5 sen to 756 sen per kilogramme (kg), while latex-in-bulk rose two sen to 577 sen per kg.

-- BERNAMA