Rubber Market Ends Higher On Regional Gains

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, Feb 23 (Bernama) -- The Kuala Lumpur rubber market ended higher on Monday, tracking gains in regional rubber futures amid thin trading due to holidays in China and Japan.

The market sentiment was also supported by the recent US Supreme Court decision on US tariffs, according to a dealer. "The US Supreme Court's decision to strike down a slew of US President Donald Trump's tariffs is seen as supportive of global growth," he said.

The media reported on Friday that the US Supreme Court struck down most of Trump’s earlier tariff measures, ruling that he lacked authority under US law to impose broad unilateral tariffs.

The dealer added that optimism over China's economic boost following the week-long Lunar New Year holiday also supported the market sentiment. "Focus (also) shifted to mainland China after the weeklong Lunar New Year holiday, which typically boosts the economy as markets reopen on Tuesday," he said.

However, further upside was limited by a stronger ringgit and lower benchmark crude oil prices amid lingering uncertainty over US trade policies

At 3 pm, the Standard Malaysian Rubber (SMR) 20 price gained eight sen to 770.50 sen per kilogramme (kg), while latex-in-bulk added 6.5 sen to 592 sen per kg.

-- BERNAMA