Rubber Market Closes Mixed, Supported By Regional Futures Gains

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, July 6 (Bernama) -- The Kuala Lumpur rubber market closed mixed on Monday, supported by gains in regional rubber futures markets and expectations of a new tyre plant in Selangor.

A dealer said market sentiment was lifted by supply concerns following the latest rubber export ban imposed by African countries.

“Nevertheless, further gains were capped by subdued crude oil prices despite lingering geopolitical uncertainties,” she told Bernama.

An almost unchanged ringgit against the US dollar also capped gains, the dealer said.

At 8 am, the local note was 4.0695/0780 against the greenback versus 4.0690/0735 at Friday's close.

The dealer also said Japanese rubber futures rose on Monday, as traders covered short positions and bargain hunters stepped in after recent sharp losses.

At 3 pm today, the price of Standard Malaysian Rubber 20 (SMR 20) increased 14.5 sen to 887 sen per kg, while latex-in-bulk slid by five sen to 741 sen per kg.

-- BERNAMA