Rubber Market Ends Higher Amid Regional Futures Uptrend

 

By Muhammad Fawwaz Thaqif Nor Afandi & Abdul Hamid A Rahman

KUALA LUMPUR, Jan 12 (Bernama) -- The Kuala Lumpur rubber market ended higher on Monday, supported by an upward trend in regional rubber futures, a dealer said.

She said that concerns over tighter raw material supplies in major natural rubber-producing countries also buoyed market sentiment.

The dealer said sentiment is supported by a weaker ringgit against the United States dollar and positive US economic data.

During the morning session, the ringgit slipped to 4.0750/0850 against the US dollar, from Friday’s close of 4.0700/0765.

"The positive US economic data is supported by the consumer sentiment that is expected to perk up in early January, although households continue to worry about inflation and a weakening labour market," she said.

Nevertheless, the dealer said that further gains were capped by uncertainty surrounding the US trade policy, ongoing geopolitical tensions, and mixed performance in crude oil prices.

At 3 pm, Standard Malaysian Rubber (SMR) 20 gained six sen to 766.5 sen per kilogramme (kg), while latex-in-bulk rose one sen to 576 sen per kg.

-- BERNAMA