Rubber Market Ends Mixed Despite Stronger Crude Oil Prices, China Growth Optimism
By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, July 22 (Bernama) -- The Kuala Lumpur rubber market ended mixed on Wednesday, despite gains in regional rubber futures markets, firmer benchmark crude oil prices and a slightly weaker ringgit against the US dollar, according to a dealer.
He said market sentiment was further lifted by China’s pledge to step up measures to achieve its full-year economic growth target, supporting confidence in the economic outlook.
“However, further gains were capped by concerns over escalating tensions in West Asia and investor caution ahead of next week’s US Federal Reserve policy meeting for signals on the US interest rate outlook,” he added.
He also said that Japanese rubber futures rose, supported by a weaker yen and higher oil prices, amid escalating US-Iran tensions.
At the time of writing, benchmark Brent crude oil stood at US$94.26 per barrel.
At 3 pm, the price of Standard Malaysian Rubber 20 (SMR 20) rose 16.5 sen to 899.0 sen per kilogramme (kg), while latex in bulk was unchanged at 722 sen per kg.
-- BERNAMA