Rubber Market Ends Higher On Positive US, China Economic Data

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Jan 19 (Bernama) -- The Kuala Lumpur rubber market ended higher on Monday, supported by positive United States and Chinese economic data, a trader said.

The US factory output rose unexpectedly in December, increasing by 0.2 per cent month-on-month and 2.0 per cent year-on-year.

Meanwhile, China’s economy expanded by 5.0 per cent last year despite slower gross domestic product growth in the fourth quarter, at 4.5 per cent, while still meeting the official target of around five per cent.

The trader stated that prices were also influenced by ongoing concerns over raw material shortages resulting from wet weather in major rubber-producing countries.

“Gains were limited by profit-taking activities in regional rubber futures markets, a stronger ringgit against the US dollar, and falling crude oil prices amid threats of new US tariffs on European countries and broader geopolitical tensions,” he told Bernama.

At the time of writing, the ringgit strengthened to 4.0540/0575 against the greenback from last Friday’s close of 4.0555/0605. Meanwhile, Brent crude was down 1.17 per cent to US$63.51 a barrel.

At 3 pm, Standard Malaysian Rubber (SMR) 20 and latex-in-bulk remained unchanged at 748 sen per kilogramme (kg) and 576 sen per kg, respectively.

-- BERNAMA